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Technical analysis

British Pound Drifts Lower Against US Dollar

OctaFx | Feb. 1, 2019
British Pound Drifts Lower Against US Dollar

February 1, OctaFX – The British pound continues to drift lower against the US dollar on Friday as traders scale back positions ahead of the release of the US Nonfarm payrolls and ISM manufacturing report.

GBPUSD buyers need to defend the pivotal 1.3095 area, or they risk extended intraday losses towards the 1.3000 area. It is also worth noting that sterling performed a bullish monthly price close above the 1.3100 level.

GBPUSD Technical Outlook

  • The GBPUSD pair remains bullish while trading above the 1.3095 level, key technical resistance is found at the 1.3130 and 1.3170 levels
  • If the GBPUSD pair trades below the 1.3090 level, key support is found at the 1.3070 and 1.3055 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.