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Can GBPUSD Rally Back To The 1.286 Resistance?

Posted On 30 Mar 2020
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The British pound is in a strong rally as price action continues to close with daily gains over the last four days.

GBP is up nearly 7.80% from the 23rd March close of 1.1540. As price action increasingly looks bullish, it is possible that GBPUSD will be back near the 1.2858 handle.

Given that this level previously acted as support, the reversal off the 1.1540 lows will see this being retested for resistance.

It would also mark a complete recovery since GBPUSD broke below the support level of 1.2858 on 11th March 2020. Watch for support to emerge near 1.2277.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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