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Sterling Retraces Gains, But Upside Bias Builds Up

Posted On 28 May 2020
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gbpusd

The Pound sterling briefly rose to highs of 1.2364 before retreating lower.

Price action is currently back near the price level of 1.2275. Given that this proved to be a resistance level, the retest will likely establish it as support.

A successful rebound off 1.2275 will confirm further upside in GBPUSD.

The next main target is at 1.2425 where resistance will most likely keep a lid on further gains.

For the moment, the reversal near 1.2275 is important. A close below this level will invalidate the bullish bias.

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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