GBPUSD Pulls Back After Testing September Highs

0 61

The British pound sterling managed to rise to the levels of 1.3500 over the week.

On Friday, price action turned lower after failing to make further gains. This coincides with the confluence of both the trendline and the horizontal resistance level near 1.3500.

While the Stochastics oscillator remains overbought, there is scope for a move back lower. The main support level resides near 1.3300.

However, we could see prices retracing down to the 1.3400 level where soft support could emerge.

A breakout above 1.3500 is required for the GBPUSD to maintain its bullish momentum.

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Your email address will not be published.