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GBPUSD Settles Into A Range

Posted On 21 Jul 2020
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gbpusd

The British pound sterling failed to build upon the double bottom pattern from the last price.

While this bullish pattern is not yet invalidated, prices are trading flat.

GBPUSD is stuck within the range of 1.2643 and 1.2516 levels for the moment. Only a strong breakout above 1.2643 will confirm further upside in the cable.

But given the Stochastics oscillator showing signs of a bearish move, we might expect to see a close lower.

A downside breakout from the range might put GBPUSD at risk of erasing the gains from the previous few weeks.

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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