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GBPUSD Tumbles But Remains Range-Bound For Now

Posted On 25 Jun 2020
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gbpusd

The pound sterling is down near 0.60% on the day, erasing some of the gains from the previous few sessions.

The reversal came after the pound sterling failed to breakout above the technical resistance level near 1.2516.

This has pushed price lower as a result. But the declines are limited for the moment.

GBPUSD is likely to find support near the 1.2368 level from which iT recovered earlier on.

However, if price breaks down below this level, it opens the risk for further declines.

The next key support area is around the 1.2250 level marking the 28 May lows.

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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