HomeContributorsTechnical AnalysisGBPUSD Retains Its Downside Pressure On Further Weakness

GBPUSD Retains Its Downside Pressure On Further Weakness

GBPUSD retains its downside pressure on further weakness. Support lies at 1.2850 as it look for more weakness. Below that level will open the door for more decline towards 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. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance stands at the 1.2950 with a turn above here allowing for additional strength to build up towards the 1.3000 level. Further out, resistance stands at the 1.3050 level followed by the 1.3100 level. On the whole, GBPUSD retains its downside pressure on further weakness.

FXAssure
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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