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.
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