GBPUSD: Risk Remains Higher On Corrective Pressure

1 November 2016, 05:24

GBPUSD: The pair continues to retain its downside pressure but looks to recover higher. On the downside, support lies at the 1.2200 level where a break will turn attention to the 1.2150 level. Further down, support  lies at the 1.2100 level. Below here will set the stage  for more weakness towards the 1.2050 level. Conversely, resistance stands at the 1.2300 levels with  a turn above here allowing more strength to build up towards the 1.2350 level. Further out, resistance  resides at the 1.2400 level followed by the 1.2450 level. On the whole, GBPUSD threatens recovery higher.


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