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GBPUSD Attempts To Test 1.2516 Resistance Level

Posted On 07 Jul 2020
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gbpusd

The pound sterling is seen holding its ground against the US dollar. Prices are up a modest 0.14% as the cable attempts to test the 1.2516 resistance level.

The cable initially pulled back after testing this level just last week. A successful breakout above 1.2516 could open the way for the currency to rise to 1.2643 thereafter.

To the downside, the swing low near 1.2437 will keep the cable from posting further declines for now.

A break down below this level will of course accelerate the declines back to the 1.2344 level of support.

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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