The pound sterling was seen staying flat, hovering near a 6-month low on Tuesday. The pair was flat amid lack of any economic data to go by. The UK is set to elect a new Prime Minister and Boris Johnson remains the frontrunner. The currency pair could remain near the current lows, awaiting further catalysts.
Will GBPUSD Bounce Back?
The currency pair remains steady near the 6-month low. The declines have invalidated the evolving inverse head and shoulders pattern. However, we could expect to see a modest bounce off this level in the near term. At the time of writing GBPUSD is trading near 1.2125. Following a break down below this level, the next lower support is seen at 1.2481.
