GBPUSD COULD CORRECT BACK TO 1.2910 LEVEL
The British pound is starting to recover bullish momentum against the US dollar after the price fell towards the 1.2800 level on Thursday. GBPUSD buyers may start to target towards the 1.2910 level if they can break through the key 1.2850 resistance area. Traders now await Federal Reserve Chair Jerome Powell’s scheduled speech at Jackson Hole.
The GBPUSD pair is only bullish while trading above the 1.2850 level, key resistance is now found at the 1.2880 and 1.2910 levels.
If the GBPUSD pair continues to trade below the 1.2850 level, further losses towards the 1.2800 and 1.2775 levels remains possible.