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GBPUSD Drops To Support On Weak GDP

Posted On 15 Jul 2020
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Cable is trading weaker on Tuesday, although it’s quite likely that prices might close flat.

The pound sterling is trading weaker right after price rallied to a three week high.

Following another feeble attempt to break past the resistance area near 1.2643, the GBPUSD retreated.

Price action is now holding on to the support area near 1.2516 as expected.

A strong recovery off this support level will see the GBPUSD once again challenging the 1.2643 resistance area.

Failure to breakout above this level could potentially put the GBPUSD at risk of a correction below 1.2516 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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