The latest trade data from the United States showed a decline in trade deficit. This was the first time since 2013 that the trade deficit declined.
The data showed that exports from the US fell 0.1% while imports were down 0.4%. China slipped from being the US’ number one trade partner to now coming in third, behind Canada and Mexico.
GBP/USD Breaks the Descending Triangle Pattern
The currency pair is currently trading below the main support area of 1.2960. Given the fact that prices were bouncing off this level, it is a key support area.
The breakdown below this support signals a move lower. As the descending triangle pattern comes into play, GBPUSD is at potential risk of further declines. The bigger downside target is at 1.2500.
