Currently, GBP/USD is trading at 1.2418 consolidating in the same range, last week this pair started its uptrend and after rebounding from its resistance level it is trading in a sideways direction. If it breaks neckline at 1.2292, pair may enter into a new downtrend and then next support which is at 1.2167, will be its first target.

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Rishikesh Lilawat

Rishikesh Lilawat
Rishikesh Lilawat

Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.