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GBPUSD Pulls Back After Briefly Hitting Resistance At 1.2424

Posted On 02 Jun 2020
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gbpusd

The GBPUSD currency pair is making steady advances after prices found support near 1.2277.

The gains saw the British pound aiming for the 1.2424 level. Although the pair managed to rise to this level briefly, it has pulled back.

We expect sellers to keep a lid on the currency from posting further gains.

This could mean that GBPUSD will drift lower, albeit supported near 1.2277.

In the near term, watch for minor support to form near 1.2343.

A reversal off this level could potentially suggest a breakout above 1.2424.

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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