Currently set to Index
Currently set to Follow

GBPUSD Turns Flat but Downside Bias Rises

0 193

The British pound sterling pushed below the rising wedge pattern and price action is likely to fall further.

The short term resistance level near 1.3678 is likely to keep a lid from price posting further gains. To the downside, we expect the declines to continue toward the 1.3500 level.

On the daily chart, price action is trading flat for the second daily session. However, a strong bearish candlestick is required to confirm further downside.

The daily Stochastics oscillator is also moving lower from the overbought levels for the moment.

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

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.