13 July GBPUSD Technical Forecast: Pair is turning bearish


Cable extended its downward path on Friday as Brexit chaos continued to rattle sterling’s remaining bulls. What should sellers expect? The following 13 July GBPUSD Technical Forecast explains.

13 July, OctaFX – The British pound has fallen sharply lower against the US dollar, hitting 1.3169, after US President Trump warned British Prime Minister Theresa May that a soft Brexit plan would harm trade-relations between the US and the UK.

The GBPUSD pair has now broke its established trading-range between the 1.3200 and 1.3300 levels and is turning bearish. Sellers will look to target the 1.3150 level, while buyers will once again try to reclaim the 1.3205 level.

13 July GBPUSD Technical Forecast

  • The GBPUSD pair is bearish while trading below the 1.3205 level, key support is found at the 1.3150 and 1.3101 levels.
  • If the GBPUSD pair starts to once again trade above the 1.3205 level, buyers will target the 1.3255 and 1.3300 levels.

Disclaimer

This article about 13 July GBPUSD 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.

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