British Pound Awaits Brexit News


British Pound awaits Brexit news and PMI data as the GBPUSD major pairing floats near 1.3035 ahead of Tuesday’s London session. What can traders expect next as Brexit headlines continue to plague the Pound?

2 October, OctaFX – The British pound is trading back towards the worst levels of the week against the US dollar, despite a short-lived move above the 1.3100 level on Monday over positive Brexit news.

GBPUSD Intraday Bullish

The GBPUSD pair is awaiting a clear technical break, sellers need to move price below the 1.3000 level, while buyers need to hold price above the 1.3082 resistance level. Traders also remain cautious as the United Kingdom economy releases key PMI construction data later this morning.

  • The GBPUSD pair is only intraday bullish while trading above the 1.3082 level, key resistance is now found at the 1.3117 and 1.3164 levels.
  • If the GBPUSD pair trades below 1.3000 level, further losses towards the 1.2966 and 1.2920 support levels seems likely.

Disclaimer

This article was provided by OctaFX. It should NOT 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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