GBPUSD: Backs Off Higher Prices On Price Failure

Mohammed Isah FXTechstrategy

GBPUSD - The pair backed off higher prices after failing to follow through on the back of its Monday gain on Tuesday. This development has turned the immediate risk lower. On the downside, support lies at the 1.2850 level where a break will turn attention to the 1.2800 level. Further down, support lies at the 1.2750 level. Below here will set the stage for more weakness towards the 1.2700 l0evel. Conversely, resistance stands at the 1.3050 with a turn above here allowing for more strength to build up towards the 1.3100 level. Further out, resistance resides at the 1.3150 level followed by the 1.3200 level. On the whole, GBPUSD faces pullback risk on price failure

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3242
2. R2 1.3147
3. R1 1.3087
PP 1.2992
1. S1 1.2932
2. S2 1.2837
3. S3 1.2776

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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