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GBPUSD Breaks Down Below Support Level

Posted On 30 Jun 2020
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gbpusd

The British pound sterling is trading slightly weaker, but declines are accelerating after prices broke down off the technical support.

The price level near 1.2344 has held up as support in previous tests. But the current breakdown off this level now puts the downside in focus.

We now expect the GBPUSD to post declines down to 1.2233 level. There could be a slight rebound off this level that might keep prices range-bound.

 

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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