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Technical analysis

British Pound Continue to Slide Lower

OctaFx | Nov. 12, 2018
British Pound Continue to Slide Lower

The GBPUSD pair extended last week's sharp retracement slide from three-week tops and opened with a bearish gap amid renewed Brexit uncertainties. What is next? Gain insight into the following technical outlook.

November 12, OctaFX – The British pound has continued to slide lower against the US dollar in early Monday trade, with price fast approaching the 1.2900 support level.

The GBPUSD pair will likely remain under heavy intraday selling technical pressure while trading below the 1.2955 level.

GBPUSD Technical Outlook

The Moving Average Convergence Divergence indicator across the four-hour time frame is trending lower, pointing to further losses.

  • The GBPUSD pair is strongly bearish while trading below the 1.2955 level, key technical support is now found at the 1.2900 and 1.2866 levels.
  • If the GBPUSD pair trades above the 1.2955 level, buyers may target the 1.3000 and 1.3055 resistance levels.

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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.