The GBP/USD pair once again some resilience below mid-1.2700s and staged a goodish intraday rally of over 100 pips on Tuesday. Haresh Menghani, an analyst at FXStreet analyzes the cable from a technical perspective. Key quotes “The overnight bounce might have negated the prospects for a probable drop to the 1.2700 mark. Hence, weakness back below the 1.2800 mark might continue to attract some dip-buying near the 1.2740-25 region.” “Failure to defend the mentioned support and a subsequent slide below the 1.2700 round-figure mark might now turn the cable vulnerable to accelerate the fall further towards testing its next major support near the 1.2645 horizontal zone.” “Bulls are likely to wait for some strong follow-through buying before positioning for any further near-term appreciating move. Momentum beyond mid-1.2800s is likely to confront some fresh supply near 1.2875-80 region.” 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 US: Open nomination as Biden revives FX Street 2 years The GBP/USD pair once again some resilience below mid-1.2700s and staged a goodish intraday rally of over 100 pips on Tuesday. Haresh Menghani, an analyst at FXStreet analyzes the cable from a technical perspective. Key quotes “The overnight bounce might have negated the prospects for a probable drop to the 1.2700 mark. Hence, weakness back below the 1.2800 mark might continue to attract some dip-buying near the 1.2740-25 region.” “Failure to defend the mentioned support and a subsequent slide below the 1.2700 round-figure mark might now turn the cable vulnerable to accelerate the fall further towards testing its next major… 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.
