December 20, OctaFX – The British pound is weakening towards the 1.2600 level against the US dollar after the Federal Reserve hiked interest rates on Wednesday.
Technical Analysis: GBPUSD price action turning bearish
The GBPUSD pair is likely to come under further technical selling pressure if price slips below the 1.2600 support level. Overall, increasing interest rate differentials between the US and the UK and Brexit concerns are likely to weigh on sterling.
- The GBPUSD pair is bullish while trading above the 1.2600 level, key resistance is found at the 1.2660 and 1.2700 levels.
- If the GBPUSD pair moves below the 1.2600 level, key technical support is found at the 1.2550 and 1.2528 levels.
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.