After finding strong support earlier from the former weekly price-low around the 1.3850 level, how does the GBPUSD pair trade currently? Learn this on this latest 28 February GBPUSD Intraday Technical Forecast.
28 February, OctaFX – The British pound has continued to move lower against the greenback, as the U.S dollar index strengthened across the board following Fed Chair Jerome Powell’s Congressional Testimony on Tuesday. The GBPUSD currently trades around the 1.3890 level, after earlier finding strong support from the former weekly price-low around the 1.3850 level.
Price-action is currently testing the pairs key fifty-day moving average, at 1.3897, as it remains a pivotal technical level for traders.
28 February GBPUSD Intraday Technical Forecast
The GBPUSD pair is strongly bearish whilst trading below the key 1.3897 level, further losses towards the 1.3858 and 1.3765 levels remain likely.
Should GBPUSD price-action move back above the 1.3897 level, buyers may test towards the 1.3938 and 1.4008 resistance levels.
This article about 28 February 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.