GBPUSD is maintaining a steady pace as the recent rally has pushed price to the technical resistance area of 1.2271.

The strong hidden divergence on the Stochastics points to a possible correction lower.

Given that GBPUSD has formed a bottom near 1.2100, this could be the downside in the currency pair.

- advertisement -

But, we expect price action to remain range-bound within 1.2271 and 1.2100 in the short term.

Any breakout above 1.2271 will, of course, need to see a higher low forming above this level to validate any further upside gains.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.