Sun, Nov 28, 2021 @ 08:00 GMT
HomeContributorsTechnical AnalysisGBP/USD Hits Resistance

GBP/USD Hits Resistance

The pound pulled back after Britain’s retail sales registered a steeper drop to -1.3% in October.

The pair has met stiff selling pressure in the supply zone around 1.3510, a support that has turned into resistance after a failed rebound. An oversold RSI may cause a limited rebound.

However, a bearish MA cross on the daily chart suggests that sentiment is still pessimistic. 1.3380 is a key support to keep the sterling afloat. A bearish breakout may trigger an extended sell-off to last December’s lows around 1.3200.

Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading