GBPUSD Rebounds Off Lower End Of Range

gbpusd

The pound sterling fell to the lower end of the range at 1.2277.

However, prices caught a bid leading to a quick rebound.

The recovery was not sharp and the GBPUSD is seen once again giving back the gains.

There is a possibility that the currency pair could extend declines lower if it retests the support level once again.

The next downside is at the 1.1878 level for the moment.

To the upside, price action needs to break out above 1.2484 initially to post any further gains beyond this level.

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.

Leave a Reply

*