Pound Sterling Rebounds Off A 5-Week Low

0 49

The British pound sterling is trading choppy following the recent economic data out of the UK.

However, the cable managed to break out following a drop to a 5-week low earlier in the day.

As a result, GBPUSD has cleared the 1.2344 level which did not offer much of a resistance.

But a dip back to this level might cement the support area giving an upside bias to the currency pair.

Still, GBPUSD will have to contend with the falling trend line. A breakout above this level will see the potential for a rise towards the 1.2516 level of resistance next.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 


or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.