GBPUSD: Sees Price Hesitation With Downside Bias

Mohammed Isah FXTechstrategy

GBPUSD: The pair turned lower on Wednesday leaving risk of more weakness on the cards. However, its correction higher is not over yet. On the downside, support lies at the 1.2600 level where a break will turn attention to the 1.2550 level. Further down, support lies at the 1.2500 level. Below here will set the stage for more weakness towards the 1.2450 level. Conversely, resistance stands at the 1.2700 levels with a turn above here allowing more strength to build up towards the 1.2750 level. Further out, resistance resides at the 1.2800 level followed by the 1.2850 level. On the whole, GBPUSD threatens further downside pressure but with caution.

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.2837
2. R2 1.2772
3. R1 1.2679
PP 1.2614
1. S1 1.2521
2. S2 1.2456
3. S3 1.2363

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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