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.
GBPUSD fell sharply on Thursday as price inched closer to the identified support area of 1.2368.
The declines came on the back of the BoE meeting and a weak economic outlook.
With the support level near 1.2516 clear, price action has been in a steady decline.
The dip to 1.2368 will potentially see a short term bounce in price. It will also confirm the correction to the downside.
We expect GBPUSD to remain range-bound within 1.2516 and 1.2368 for the short term.
breakout from either of these levels will then set the stage for the next direction for price.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.