GBP/USD Faces Corrective Weakness On Price Rejection

Technical analysis of Forex market

GBPUSD faces correction weakness on price rejection following its flat close on Thursday. Support is seen at 1.3000 level. Further down, support comes in at the 1.2950 level where a break will turn focus to the 1.2900 level. Further down, support lies at the 1.2850 level. Below here will set the stage for more weakness towards the 1.2800 level. On the upside, resistance stands at the 1.3100 with a turn above here allowing for additional strength to build up towards the 1.3150 level. Further out, resistance stands at the 1.3200 level followed by the 1.3250 level. On the whole, GBPUSD faces further upside pressure.

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