GBPUSD Breaks Out Of Range, Will The Declines Resume?

gbpusd

The British pound sterling is looking to finally emerge from the sideways range.

This comes after price was trading below the lower support level of 1.2277.

A strong close below this level on a daily basis will confirm further declines.

There is also a head and shoulders pattern forming on the daily chart with the neckline support at 1.2277.

Thus, a close below this level will see the immediate downside to 1.2000 and potentially to the previous support area of 1.1878.

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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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