Cable was another dollar casualty on Wednesday, as the pair broke below 1.3200 for the first time since early July. At the moment, how is the pair trading? Find out in the following 12 July GBPUSD Technical Outlook.
12 July, OctaFX – The British pound has fallen back towards the 1.3205 support level against the US dollar, following a surge-higher in the value of the US dollar index.
The GBPUSD pair risks further extended downside below the 1.3205 level as it marks a key technical breakout. Sellers will try to target the 1.3150 level, while buyers will aim to stabilize price back above the 1.3255 resistance level.
12 July GBPUSD Technical Outlook
- The GBPUSD pair is only bearish while trading below the 1.3200 level, key support is found at the 1.3150 and 1.3101 levels.
- If the GBPUSD pair trades above the 1.3205 level for a sustained period, buyers may test towards the 1.3255 and 1.3300 levels.
This article about 12 July GBPUSD Technical Outlook 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.