Is GBPUSD Forming A Bottom?

gbpusd

The British pound is slowing drifting lower, but amid the consolidation, we see a higher low forming.

This potentially suggests that the currency pair is forming a bottom.

Adding to this view is the strong bullish divergence we are seeing on the Stochastics oscillator.

The set up looks to a possible breakout to the upside. However, prices must breakout convincingly above the 1.2277 level where resistance looks strong.

A close above this level will set the stage for further gains to come.

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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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