The upward momentum started by the sterling two weeks ago eased yesterday when the GBPUSD pair fell. Could the pair correct back towards the 1.2900 and 1.2930 levels? What does the 4 September GBPUSD Technical Analysis show?
4 September, OctaFX – The British pound continues to drift lower against the US dollar in early Tuesday trade, as fears over a Brexit no-deal weigh on sterlings intraday sentiment.
The GBPUSD pair is likely to weaken further while trading below the 1.2863 technical level, as it represents the start of last weeks spike higher. Traders now look to the release of the United Kingdom’s Construction PMI.
4 September GBPUSD Technical Analysis
- The GBPUSD pair is strongly bearish while trading below the 1.2863 level, key support is found at the 1.2810 and 1.2775 levels.
- If the GBPUSD pair moves above the 1.2863 level, the price may correct back towards the 1.2900 and 1.2930 levels.
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