GBPUSD: Bearish Below 1.2763
As long as 1.2705/1.2763 resistance holds on a weekly closing basis, the GBPUSD remains on the downside in the medium-term forecast. Support comes at 1.2514 level. A halt is likely, it may inch up to 1.2705 before a lower leg below 1.2514 level. Anyway; below 1.2514 aims 1.2365, next support comes at 1.2170.
On the upside, resistance comes at 1.2705 ( overbought zone starts here) ahead of 1.2763 (main). Above 1.2763 sees recovery threats to 1.2926 level. Above 1.2926 will extend the corrective recovery to 1.3091/1.3171.
Conclusion: The GBPUSD remains on the downside below 1.2763 level in the medium-term forecast.
Support:1.2585, 1.2514, 1.2365, 1.2170
Resistance: 1.2763, 1.2926, 1.3090, 1.3171
Note: A weekly closing below 1.2585 may expose 1.2514 level…