British Pound Falls Following Brexit Uncertainty


Last week, the weakness of the dollar led to a sharp rise in the GBPUSD pair. Today, the British pound fell over Brexit uncertainty. What can traders expect next? Learn this from the following GBPUSD price analysis.

15 October, OctaFX – The British pound has opened the new trading week gap-down against the US dollar, as Brexit uncertainty once again drives sterling lower. It is likely that the pair will be slightly volatile today as traders pay close attention to the new developments on Brexit.

GBPUSD Price Analysis

The GBPUSD pair is bearish while trading below the 1.3155 level, with the 1.3100 level the key support area to watch for further intraday losses. Overall, the bullish inverted head and shoulders pattern is still valid while price trades above the 1.2930 level.

  • The GBPUSD pair is intraday bearish while trading below the 1.3155 level, key support is found at the 1.3100 and 1.3050 levels.
  • If the GBPUSD pair moves above the 1.3155 level, key resistance is found at the 1.3200 and 1.3258 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.

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