GBP/USD is testing a potential triangle formation on the daily chart, with prices consolidating between key 1.3140 support and 1.3505 resistance.
We still hold our previous projection for GBPUSD.
As we see over the daily chart, a possible triangle formation could hold the market inside the 1.3140-80 support and 1.3505-55 resistance.
Below 1.3140 more of a drop is likely.
SUPPORT | RESISTANCE | |
LEVEL1 | 1.3280 | 1.3505-55 |
LEVEL2 | 1.3160 | 1.3655 |
LEVEL3 | 1.3010 | 1.3780 |
Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Comments
Log in or sign up to join the conversation.