GBPUSD continues to drop to a low level
Hello everyone, today the GBP/USD pair continues to be restricted by the 1.2500 resistance level before the release of US economic data.
The GBP/USD pair could become more vulnerable and weaken further below the 1.2400 level, accelerating its decline to monthly lows around the 1.2310-1.2300 area, on its way towards support at 1.2280-1.2275.
On the other hand, recovery efforts may now face strong resistance near the psychological level of 1.2500. Any further price increase can be seen as a selling opportunity and still limited near weekly highs in the range of 1.2545-1.2550 area.
The GBP/USD pair could become more vulnerable and weaken further below the 1.2400 level, accelerating its decline to monthly lows around the 1.2310-1.2300 area, on its way towards support at 1.2280-1.2275.
On the other hand, recovery efforts may now face strong resistance near the psychological level of 1.2500. Any further price increase can be seen as a selling opportunity and still limited near weekly highs in the range of 1.2545-1.2550 area.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.