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Technical analysis

British Pound Falls to Twenty-Month Lows

OctaFx | Dec. 11, 2018
British Pound Falls to Twenty-Month Lows

December 11, OctaFX – The British pound has fallen to a twenty-month trading low against the US dollar after British PM Theresa May cancelled the Meaningful Brexit vote, creating further uncertainty for the UK economy.

Head and Shoulder Pattern in Play

The GBPUSD pair has broken the neckline of a large head and shoulders pattern and remains heavily bearish while trading below the 1.2657 level. Bearish fundamentals and technicals are aligning, indicating further downside ahead for sterling.

GBPUSD Technical Outlook

  • The GBPUSD pair is strongly bearish while trading below the 1.2657 level, key technical support is found at the 1.2500 and 1.2380 levels.
  • If the GBPUSD pair trades above the 1.2600 level, key resistance is found at the 1.2657 and 1.2690 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.