The British pound is trading marginally lower on Tuesday after posting a successive rally in the past two trading sessions. The GBP/USD pair gained a little over 3% as the risk-sensitive assets rose in a broad-based rally. According to financial analysts, the bond yields have peaked for the short term and consequently, investors have turned towards risk-sensitive assets like stocks and other currencies. The GBP/USD was poised for a decent recovery after the investors showed good faith in the new Prime Minister. Analyzing the hourly chart, the price action suggests further weakness for the day. However, 1.1400 should act as a strong support.
Important Pivots
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 1.1421 | 1.1441 | 1.1454 | 1.1474 | 1.1488 | 1.1507 | 1.1521 |
| Fibonacci | 1.1441 | 1.1454 | 1.1461 | 1.1474 | 1.1487 | 1.1494 | 1.1507 |
| Camarilla | 1.1460 | 1.1463 | 1.1466 | 1.1474 | 1.1472 | 1.1475 | 1.1478 |
| Woodie’s | 1.1419 | 1.1440 | 1.1452 | 1.1473 | 1.1486 | 1.1506 | 1.1519 |
| DeMark’s | – | – | 1.1448 | 1.1471 | 1.1482 | – | – |
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