British Pound Declines Sharply Lower Against US Dollar

January 2, OctaFX – The British pound has pulled-back sharply lower against the US dollar in early Wednesday trade, after briefly trading above the 1.2800 resistance level.

GBPUSD Technical Outlook

The intraday sentiment surrounding the GBPUSD pair is bullish while price trades above the former weekly trading high, at 1.2738. The GBPUSD pair may have reached its short-term bullish target and now risks a continuation of the broader downtrend.

  • The GBPUSD pair is only intraday bullish while trading above the 1.2738 level, key resistance is found at the 1.2770 and 1.2811 levels.
  • If the GBPUSD pair trades below the 1.2738 level, sellers may test the 1.2700 and 1.2658 support 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.

Share Your Opinion, Write a Comment