GBPUSD Intraday Technical Outlook


The GBPUSD pair remains strongly bearish while trading below the 1.3985 level. What further losses are expected? Check out the 6 February GBPUSD Intraday Technical Outlook to see.

6 February, OctaFX – The British pound has fallen sharply lower against the U.S dollar, hitting 1.3940 in early Tuesday trading, with price-action dropping over two-hundred pips since the Monday. The move lower has been sparked by extreme risk-off sentiment in financial markets, with traders moving into the perceived safety of the U.S dollar.

Selling momentum in the GBPUSD is continuing to accelerate as sentiment worsens, volatility in the pair is expected to pick-up as we move into the U.S trading session.

6 February GBPUSD Intraday Technical Outlook

  • The GBPUSD pair remains strongly bearish while trading below the 1.3985 level, further losses towards 1.3915 and 1.3870 are expected.

  • Should price-action on the GBPUSD pair start to move above the 1.3985 level, the 1.4058 and 1.4100 levels become the most relevant intraday resistance area.

Disclaimer

This article about 6 February 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.

Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.

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