7 August GBPUSD Technical Outlook: Head and Shoulder are in play below 1.2955


Cable resumed its descent on Monday, as prices crashed below 1.3000 en route to fresh yearly lows. What levels should buyers and sellers target? This 7 August GBPUSD Technical Outlook reveals.

7 August, OctaFX – The British pound trades to the downside against the US Dollar in early Tuesday, as bearish technicals and a possible Brexit no-deal, continue to hurt the British pound sentiment.

The GBPUSD pair is strongly bearish while trading below the 1.2955 level, as it represents a large head and shoulders pattern neckline. Buyers will attempt to push the price above the 1.2955 level, while sellers will try to push price well-below the 1.2900 level.

7 August GBPUSD Technical Outlook

  • The GBPUSD pair is strongly bearish while trading below the 1.2955 level, key support is now found at the 1.2915 and 1.2880 levels.
  • If the GBPUSD pair moves above the 1.2955 level, buyers may be encouraged to target the 1.3000 and 1.3040 resistance levels.

Disclaimer

This article about 7 August 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.

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