Cable’s recovery was cut short on Monday after GBP/USD reached a high of 1.3385 as Brexit came under the spotlight once again. How does the pair trade at the moment? The following 5 June GBPUSD Technical Outlook from OctaFX reveals.
5 June, OctaFX – The British pound has moved sharply lower against the US dollar, after meeting strong technical selling from just before the key 1.3400 resistance level on Monday.
The GBPUSD pair currently trades close to the 1.3300 level, with downside pressures likely to build if sellers breach the 1.3300 level. Traders now look towards the release of PMI Services data from the United Kingdom economy, and the resumption of Brexit talks between the UK and the EU.
5 June GBPUSD Technical Outlook
- The GBPUSD pair is intraday bearish while trading below the 1.3340 level, key support is now located at the 1.3300 and 1.3258 levels.
- If the GBPUSD pair moves above 1.3340 level, we may see buyers once again testing towards the 1.3400 resistance level.
This article about 5 June GBPUSD 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.