GBP/USD: Jumping between support and resistance levels

AAATrade Team AAATrade

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.

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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