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Sterling Retraces Gains, But Upside Bias Builds Up

May 28 2020, 02:02 PM (BDT) | Orbex.com

gbpusd

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.

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