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GBPUSD Established Support At 1.2643

Posted On 23 Jul 2020
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gbpusd

The cable is trading flat for the day, following a pullback after Tuesday’s gains.

GBPUSD pared gains to fall back to the price level of 1.2643. As a result, support is now established at this level, evident from the rebound off this level.

For the moment, GBPUSD will need to break past the recent highs of 1.2768 to confirm further upside.

Gains might stall near the upper resistance level of 1.2813. However, if the bullish momentum prevails, we might expect to see GBPUSD breaking past this level as well.

For the moment, the downside risks continue to fade.

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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