Cable has flatlined near four-week highs, a sign that the bulls were gradually running out of steam. What is next? Let’s take a look at this 31 August GBPUSD Technical Outlook.
31 August, OctaFX – The British pound soared against the US dollar and the euro currency this week after chief EU negotiator Michel Barnier offered the strongest clue yet that the EU was about to offer the UK a favourable Brexit deal.
Speaking in Brussels, Michel Barnier offered an olive branch to the United Kingdom, saying that the EU was set to offer the UK ‘a deal like no other’. The GBPUSD pair surged on the news, breaking above the 1.3000 level, while the EURGBP pair fell from a thirteen-month trading high, moving back below the 0.9000 level.
31 August GBPUSD Technical Outlook
- The GBPUSD pair is bullish while trading above the 1.2930 level, further upside towards the 1.3080 and 1.3150 levels seem possible.
- If the GBPUSD pair moves below the 1.2930 level, further downside towards the 1.2850 and 1.2775 levels seem possible.
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