Sun, Dec 04, 2022 @ 15:14 GMT
HomeContributorsTechnical AnalysisGBP/USD Tests Resistance

GBP/USD Tests Resistance

The pound bounced back thanks to emergency BoE bond buying. The price is now at a crossroads after it recouped all the losses from the previous liquidation. Selling pressure could be expected around 1.1250 over the 20-day moving average as sentiment remains downbeat in the medium-term. However, its breach could give Sterling some breathing room and turn things around in the coming days. As the RSI returns to the neutral area, the demand zone between 1.0700 and 1.0900 is key in assessing buyers’ commitment.

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