The GBP/USD pair is trading near to intraday highs, around the 1.2855-60 region. However, slightly overbought conditions on short-term charts held investors from placing any further bullish bets. The stubborn 1.2875-80 resistance should cap any strong gains for the cable, according to FXStreet’s analyst Haresh Menghani. Key quotes “A sustained move beyond the 1.2800 mark supports prospects for additional gains. However, slightly overbought conditions on the daily chart warrant some caution before placing aggressive bullish bets. Hence, any further move up is more likely to confront stiff resistance, rather remain capped near the 1.2875-80 region.” “On the flip side, the 1.2800 round-figure mark now seems to protect the immediate downside, which if broken might prompt some technical selling and accelerate the slide further towards the 1.2765-60 region. That said, the dip might still be seen as a buying opportunity and seems more likely to remain limited.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed Preview: Warming up to controlling the yield curve, nudging lawmakers, keeping markets happy Yohay Elam 3 years The GBP/USD pair is trading near to intraday highs, around the 1.2855-60 region. However, slightly overbought conditions on short-term charts held investors from placing any further bullish bets. The stubborn 1.2875-80 resistance should cap any strong gains for the cable, according to FXStreet’s analyst Haresh Menghani. Key quotes “A sustained move beyond the 1.2800 mark supports prospects for additional gains. However, slightly overbought conditions on the daily chart warrant some caution before placing aggressive bullish bets. Hence, any further move up is more likely to confront stiff resistance, rather remain capped near the 1.2875-80 region.” “On the flip side, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
