GBP/USD: Jumping between support and resistance levels
|GBP/USD
Looking at GBPUSD’s chart, we can see that the Forex pair had picked at around 1.2540 and then dropped to around $1.2355 whereas currently it has corrected to the rate of $1.2480.
Today, we expect the FX pair to be traded in the range between the support and resistance level from $1.2425 to $1.2530 until the today’s announcement on Building permits at 16:30 (GMT+3) and Consumer Confidence and New Home Sales at 17:00 (GMT+3).
A break though of the resistance level could lead to a higher rate whereas on the other hand, a breakdown of the support level, should lead to the approach towards the next support level at around $1.2350.
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