UK British Pound Technical Outlook: Neutral
- GBP/USD drops back to support – Strong NFP report drives USD strength
- British Pound loses grip after running into resistance at 1.12
- Break below psychological support threatens potential recovery
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GBP/USD Technical Resistance Drives a Move Back Towards 1.100
GBP/USD is currently testing another critical zone which continues to provide resistance at the key psychological level of 1.1500.
After recently reaching a fresh all-time low of 1.0354 last month, a rebound off 1.052 (the 1985 low) drove price action higher before reaching a new barrier of resistance at 1.1414.
With resistance forming at the March 2020 low, the formation of a long-wick candle on the weekly chart is suggestive of a strong rebound towards prior resistance turned support at 1.084.
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Live now:
Oct 11
( 17:10 GMT )
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