Forex Trading Library

GBPUSD Rebounds, Brushing Aside Weak GDP Numbers

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The British pound sterling made a sharp recovery with price action on Friday posting a strong rebound.

The gains put the GBPUSD back near the previous highs at 1.3866. But with the Stochastics oscillator signaling a lower high, we could see a pullback.

The support level near 1.3759 remains in scope to the downside. As long as the cable holds gains above this level, there is room for further gains.

But a close below this level could potentially see a larger correction taking place.

For the moment, the uptrend remains intact with price making consistently higher lows.

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

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