This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
The British pound sterling pared losses on Friday to pull back above the rising trend line.
Price action is now in a tight range with the 1.3300 technical resistance and the trend line. This could result in a possible breakout in the near term.
With the 4-hour Stochastics oscillator signaling a potential bearish divergence, price action could be looking to correct lower.
Therefore, this could mean that the GBPUSD might be looking to retest the lower support level near 1.3122.
To the upside, to confirm further gains, a strong breakout above 1.3300 is required.
The post GBPUSD Pares Losses as Price Consolidates Below 1.3300 appeared first on Orbex Forex Trading Blog.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.