GBPUSD Could Struggle To Breakout Above 1.2271

gbpusd

GBPUSD is maintaining a steady pace as the recent rally has pushed price to the technical resistance area of 1.2271.

The strong hidden divergence on the Stochastics points to a possible correction lower.

Given that GBPUSD has formed a bottom near 1.2100, this could be the downside in the currency pair.

But, we expect price action to remain range-bound within 1.2271 and 1.2100 in the short term.

Any breakout above 1.2271 will, of course, need to see a higher low forming above this level to validate any further upside gains.

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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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