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GBPUSD Consolidates As Downside Bias Builds Up

Posted On 06 May 2020
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gbpusd

The British pound sterling is caught range-bound within the levels of 1.2485 and 1.2277.

However, amid this consolidation, price action is posting a bearish head and shoulders pattern as the minor neckline support level at 1.2423 holds prices from declining further.

If the current move higher fails to breakout convincingly, then a retest of the neckline support at 1.2423 could see a bearish move.

This puts the downside target to the lower end of the range at 1.2277.

Despite the decline, GBPUSD will likely remain range-bound within the said levels.

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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