Forex Brokers Award 2021
Vote your favourite broker

Sterling Retraces Gains, But Upside Bias Builds Up

May 28 2020, 02:02 PM (BDT) |


The Pound sterling briefly rose to highs of 1.2364 before retreating lower.

Price action is currently back near the price level of 1.2275. Given that this proved to be a resistance level, the retest will likely establish it as support.

A successful rebound off 1.2275 will confirm further upside in GBPUSD.

The next main target is at 1.2425 where resistance will most likely keep a lid on further gains.

For the moment, the reversal near 1.2275 is important. A close below this level will invalidate the bullish bias.

At Orbex, the client is at the heart of everything we do and everything we do is designed to guarantee your satisfaction. Here’s how Forex Trading with Orbex will enhance your trading experience: Best-in-class customer service, including live chat and free webcall One-hour response time for sales and support requests Multiple asset trading and ECN accounts on MT4 0.9 pip fixed spread at ZERO commission Up to 1:500 leverage