GBPUSD Attempts To Recover Some Of The Losses

The pound sterling fell to a one month low on an intraday basis after the currency pair lost the 1.2277 support area.

Price action is currently rebounding following the declines. But, the gains will likely stall near the 1.2277 level which could now act as resistance.

If the reversal is confirmed here, then we expect to see further declines coming through for GBPUSD.

However, the Stochastics remain very oversold which could give the upside some bounce.

Price action will need to break past the recent lows of 1.2180 to confirm further downside if the gains are capped.

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“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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