GBPUSD analysis – British pound continues recovery

18 July 2019, OctaFX – The British pound continues to recovery against the greenback after the pair found solid technical support from the key 1.2380 level.

Sterling traders are now awaiting UK retail sales data, with better than expected numbers likely to provoke a strong test of the 1.2480 area. Worse than expected UK retail sales data may see the GBPUSD pair sold back towards the 1.2415 support level.

GBPUSD technical analysis

  • If the GBPUSD trades below the 1.2440 level, key support is located at the 1.2415 and 1.2380 levels.

  • If the GBPUSD pair holds above the 1.2440 level, key resistance is found at the 1.2480 and 1.2510 levels.

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This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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