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Technical analysis

British Pound Continues Upward Move Above 1.2740

OctaFx | Jan. 8, 2019
British Pound Continues Upward Move Above 1.2740

January 8, OctaFX – The British pound continues to edge higher against the US dollar in early Tuesday trade, as buyers test towards the 1.2800 resistance level.

GBPUSD Technical Forecast

If buyers can break above the 1.2810 resistance level, the GBPUSD pair could eventually rally towards the 1.2930 level. Technical failure before the 1.2810 resistance level will likely trigger heavy selling back towards the 1.2660 level.

  • The GBPUSD pair is only intraday bullish while trading above the 1.2740 level, key technical resistance is now found at the 1.2810 and 1.2850 levels.
  • If the GBPUSD pair trades under the 1.2740 level, sellers are likely to test the 1.2700 and 1.2660 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.