HomeContributorsTechnical AnalysisGBPUSD Looks To Weaken Further Lower On Sell Off

GBPUSD Looks To Weaken Further Lower On Sell Off

GBPUSD with the pair rejecting higher prices on Friday and following through lower on Monday, more decline is likely in the days ahead. Support is seen at 1.3300 area with a break turning focus to the 1.3250 level. Further down, support lies at the 1.3200 level. A cut through here will turn focus to the 1.3150 level and then the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at the 1.3350 with a break above that level allowing for more gain towards the 1.3400 level. Further out, resistance stands at the 1.3450 level followed by the 1.3500 level. On the whole, GBPUSD faces further downside threat nearer term.

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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