GBPUSD Intraday Technical Forecast


The British pound has continued to extend heavy intraday losses against the greenback on Thursday. The 1 March GBPUSD Intraday Technical Forecast shows that price-action is trading as low as 1.3727, during the European trading session.

1 March, OctaFX  A much stronger U.S dollar and concerns over Brexit negotiations are weighing on the GBPUSD pair, alongside bearish RSI and MACD indicators. Technical sellers also firmly in control of the pair, following a breach of the key 1.3765 earlier today, the next major downside remains the 2017 trading high, located at 1.3657.

1 March GBPUSD Intraday Technical Forecast

  • The GBPUSD pair is strongly bearish below the 1.3765 level, traders may now test towards the 1.3710 and 1.3657 support levels.

  • Should GBPUSD price-action move above the 1.3765 level for a sustained period, buyers may test back towards the 1.3800 resistance level.

Disclaimer

This article about 1 March GBPUSD Intraday Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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