28 August GBPUSD Technical Analysis: Pair awaits UK inflation report


Cable’s upward march continued Monday, as the pair edged closer to the all-important 1.2900 handle. What should traders expect next? Find out in this 28 August GBPUSD Technical Analysis.

28 August, OctaFX – The British pound has reversed direction and moved higher against the greenback, due to improving market sentiment and overall US dollar weakness.

GBPUSD traders now await the Bank of England this morning, who are set to release the UK Inflation Report. A bullish cup and handle pattern may be forming if price stabilizes above the 1.2900 level.

28 August GBPUSD Technical Analysis

  • The GBPUSD pair is bullish while trading below the 1.2850 level, key resistance is now found at the 1.2910 and 1.2958 levels.
  • If the GBPUSD pair fails around the 1.2900 level, sellers may test towards the 1.2850 and 1.2828 levels.

Disclaimer

This article about 28 August GBPUSD Technical Analysis 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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