Contributors Technical Analysis GBP/USD Meets Critical Support

GBP/USD Meets Critical Support

The pound falls back as traders take profit after a strong performance from the start of the year.

The price action has retreated to March’s low at 1.3670, a support on the daily chart to keep the uptrend intact. The pair is likely to consolidate from that major level while the RSI recovers from the sub-30 area.

1.3770 is the immediate resistance and a bullish breakout may convince buyers that the correction is over.

To the downside, 1.3600 would be the target if the pair struggles to find bids.

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