GBPUSD: Consolidates With Downside Risk

27 February 2017, 13:54
GBPUSD: The pair continues to consolidate leaving directional move a challenge. However, it should head lower nearer term. Support lies at the 1.2400 level where a break will turn attention to the 1.2350 level. Further down, support  lies at the 1.2300 level. Below here will set the stage for more weakness towards the 1.2250 level. Conversely, resistance stands at the 1.2500 levels with a turn above here allowing more strength to build up towards the 1.2550 level. Further out, resistance  resides at the 1.2600 level followed by the 1.2650 level. On the whole, GBPUSD continues to face consolidation threats.


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