GBP/USD failed to break below 1.3049 support and stayed in a trading range between 1.3049 and 1.3472. As long as 1.3472 key resistance holds, the price action in the range could be treated as consolidation for the downtrend.
GBP/USD failed to break below 1.3049 support and stayed in a trading range between 1.3049 and 1.3472.
As long as 1.3472 key resistance holds, the price action in the range could be treated as consolidation for the downtrend and a breakdown below 1.3049 support could take the price to 1.2750 area.
On the upside, a break of 1.3472 resistance would suggest that the downtrend had completed at 1.3049 already, then the pair would find resistance at around 1.3600.
Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you.
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