HomeContributorsTechnical AnalysisGBPUSD Bearish, Weakens On Price Rejection

GBPUSD Bearish, Weakens On Price Rejection

GBPUSD: The pair backed off higher prices again on Thursday to decline on bear pressure. This development leaves risk to the downside in the days ahead. Support lies at the 1.3100 level where a break will turn attention to the 1.3050 level. Further down, support lies at the 1.3000 level. Below here will set the stage for more weakness towards the 1.2950 level. Conversely, resistance stands at the 1.3200 levels with a turn above here allowing more strength to build up towards the 1.3250 level. Further out, resistance resides at the 1.3300 level followed by the 1.3350 level. On the whole, GBPUSD continues to face downside risk on price failure.

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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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