GBPUSD reverses a key retracement level, potential for further downside ...Middle East

The GBPUSD moved above the next upside target at the 61.8% retracement of the move down from the July 2023 high. That level came in at 1.27189. The price moved up to 1.2732 on the break but then backed off and when it did, the buyers turned more to sellers. Traders started to lean against the retracement level once again, and that ultimately led to a move lower. The price low for the day reached 1.26639. The current price is trading around 1.2690. The 61.8% retracement is a 1.27189.If the sellers are to start to exert more control, staying below the 61.8% retracement is important technically. Traders who think there is room for a correction lower, would not want to see the price move above t

Hence then, the article about gbpusd reverses a key retracement level potential for further downside was published today ( Wednesday 29/11/2023 - 07:13 PM ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

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