During the trading session on Tuesday, the British pound attempted to climb, but the market reversed and showed signs of weakness.

GBP/USD remains under bearish pressure and trades in the negative region near 1.2400. Following Monday’s tumultuous trading, the US Dollar Index holds on to daily gains over 104.00, weighing on the pair as markets seek the next fundamental driver.

Technical bias

The market momentum and technicals call for further downside towards 1.2370.

USD Strength – Finally, this is a market that will be paying careful attention to whether or not the Federal Reserve will continue to raise interest rates, as well as what the deal will be when it comes to economic development, or possibly the lack thereof, throughout the world.

Therefore we need to be prepared for considerable back and forth action.

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