GBPUSD Rises To A One-Week High

gbpusd

The British pound sterling is marking a correction to the upside.

This follows prices consolidating near the 1.2750 handle over the past few sessions. The current gains, however, looks to be limited.

To the upside, the 1.3000 handle will surely keep a lid on the gains.

While to the downside, the retest of the 1.2750 level could hold prices from falling further. This could mean that the GBPUSD might trade sideways within the said levels.

The breakout from this level could however be strong. We expect this to come following an announcement in regards to the Brexit talks.

As a result, the bias remains mixed for the moment.

Above 1.3000 level, the next key resistance is near 1.3122, and to the downside, below 1.2750, the next support level is near 1.2516.

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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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