GBPUSD: Vulnerable, Retains Downside Pressure

Mohammed Isah FXTechstrategy

GBPUSD: The pair continues to retain its downside pressure selling as it retains its broader downside pressure. Support lies at the 1.2700 level where a break will turn attention to the 1.2650 level. Further down, support lies at the 1.2600 level. Below here will set the stage for more weakness towards the 1.2550 level. Conversely, resistance stands at the 1.2750 levels with a turn above here allowing more strength to build up towards the 1.2800 level. Further out, resistance resides at the 1.2850 level followed by the 1.2900 level. On the whole, GBPUSD remains biased to the downside medium term.

GBPUSD Current Trading Positions

Sell 90%

Buy 10%

Avg Sell Price 1.2949

Avg Buy Price 1.2616

Liquidity Distribution

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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