The currency pair corrected last week and almost reached the support at 1,2926. UK’s services PMI data was far better than expected as the final reading was 51,3 against 50,0 according to the forecasts. We would like to remind that the previous reading was 50,1.

As for the Brexit, UK has made new proposals as the Brexit date approaches, we think that this event will play a significant role in the next couple of weeks. The US data was given in our EUR/USD review.

Let’s forecast GBP/USD’s fluctuations for this week. We think that GBP/USD is likely to develop its downside correction towards the support at 1,2926 and the ascending trend line. This is the most probable scenario. We advise to monitor the currency pair once it reaches the support. If there are reversal signals, it is recommended to buy. However, in case of breakdown, it is recommended to sell below the support and the ascending trend line.