GBPUSD retraces lower and may find support at 1.2970 area. After an impulsive Bullish momentum, GBPUSD found resistance at 1.32 and pushed lower.
The GBPUSD pair has declined to a low of 1.2880. Meanwhile, what can traders expect from the USDCAD? Gain insight into today’s forex market analysis.
In this GBPUSD price analysis, the British pound is holding above the 1.3000 level, which indicates that the pair may continue to test higher.
The British pound is holding back above the 1.2200 level against the US dollar after quickly reversing from the 1.2150 level.
The British pound has surged to its highest trading level since late-July against the US dollar as dip-buyers retain control of the pair.
The British pound remains well-supported against the US dollar in early Monday trade, after a fairly bullish weekly price close on Friday.
Sterling bulls remain hesitant as traders await details of the UK PM’s EU visit, followed by the FOMC minutes, for fresh impulse.
The British pound has seen a strong bullish reversal against the US dollar, following the release of positive Brexit news on Tuesday.
The British pound has continued to decline against the US dollar during the European session as the pair gives back recent trading gains.