HomeContributorsTechnical AnalysisGBP/USD: Sets Up To Weaken On Corrective Pressure

GBP/USD: Sets Up To Weaken On Corrective Pressure

GBPUSD sets up to weaken further corrective pressure following its rejection of upside pressure. Support is seen at 1.2800 level. Further down, support comes in at the 1.2750 level where a break will turn focus to the 1.2700 level. Further down, support lies at the 1.2650 level. Below here will set the stage for more weakness towards the 1.2600 level. On the upside, resistance stands at the 1.2850 with a turn above here allowing for additional strength to build up towards the 1.2900 level. Further out, resistance stands at the 1.2950 level followed by the 1.3000 level. On the whole, GBPUSD faces further downside pressure but with caution.

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FXAssurehttps://www.fxassure.com/
Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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