GBP/USD Could Move Below Support

 | Dec 02, 2021 08:44AM ET

Looking at GBP/USD’s weekly chart, we can see its sideways price action since the start of the week, trading between the 1.328 - 1.336 price range.

On Nov. 30, there was an attempt to break through the 1.336 level but without success. It was followed by a big sell-off on Dec. 1, after which it fell to 1.3225.

From there on, it managed to bounce up strongly, reaching as high as 1.334 by the end of the day, recovering most of the losses.

Earlier today, it didn’t manage to hold on to that price level, steadily falling, and it is currently traded at 1.328, right at the weekly support level.

Today, we could expect a move below the 1.328 support level, near 1.3225, as yesterday's spike in negative momentum is in play.

However, if it manages to hold its current level and consolidate, we could expect a move towards the 1.334 price range.