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GBPUSD Rises To 1.3000

Posted On 20 Oct 2020
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The British pound sterling is once again attempting to breakout past the 1.3000 level of resistance.

However, prices are still being rejected above this level, as 1.3000 is proving a strong resistance level to break. This will most likely keep GBPUSD confined below this level for the moment.

The Stochastics oscillator is also a bit overstretched, which could signal a pullback in price action.

The minor support near 1.2850 remains the downside line in the sand for the cable.

A close below this level will open the way for GBPUSD to test the 1.2750 level of support next.

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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