The British pound scored huge gains against the dollar last week. Examine the 29 January GBPUSD Intraday Technical Outlook to see how the pair trade currently.
29 January, OctaFX – The British pound has started the new trading week on the backfoot against the U.S dollar, as UK political uncertainty weighs on pound sentiment. After suffering heavy losses on Friday, the GBPUSD pair continues to remain under selling pressure, as speculation mounts that UK PM Theresa May could face a leadership challenge.
UK politics aside, traders will now focus on the next move in the U.S dollar, and the release of the CORE PCE Index from the United States.
29 January GBPUSD Intraday Technical Outlook
The GBPUSD pair is likely to remain under selling pressure while trading below the 1.4171 level, key intraday support is found at 1.4082 and 1.4041.
Should price-action on the GBPUSD pair move above the 1.4171 level, buyers may test towards the 1.4211 and 1.4284 levels.
This article about 29 January GBPUSD Intraday 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.
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