GBPUSD Gives Back Gains From Previous Day

gbpusd

The British pound sterling is seen giving back the gains made on Tuesday. This puts price action to trade rather flat but increases the downside bias.

On the short term charts, the formation of a lower high indicates that the pound sterling could push lower.

However, prices will contend with the initial support level near 1.3506. As long as this level holds, there is scope for the GBPUSD to make gains.

However, if prices close below this level convincingly, then there is scope for a continuation to the downside.

This will bring the sideways range of 1.3500 and 1.3100 back into focus.

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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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