GBPUSD Rebounds Off Support, Will Price Go Higher?


The British pound sterling is posting gains after the support level near 1.2516 is holding up.

The rebound remains in line with the view of a retracement ahead of a correction. The downside bias remains as long as GBPUSD is trading below the upper resistance level of 1.2643.

In the event that price breakouts above this level, we expect the bullish momentum to continue pushing higher.

However, in the near term, we expect prices to remain range-bound within the said levels.

A breakout off these levels will potentially determine the direction of the trend.

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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