How will the British pound move today? OctaFX's analyst share their insight in the following GBPUSD forecast.
17 October, OctaFX – The British pound is trading back under the 1.3200 level against the US dollar after buyers lost upside momentum around the 1.3236 level on Tuesday.
Overall, a bullish cup and handle pattern could be forming on the GBPUSD pair, with a sizeable upside projection. Traders now await the release of the key CPI and PPI inflation data from the United Kingdom economy this morning.
- The GBPUSD pair is only intraday bearish while trading below the 1.3200 level, key resistance is found at the 1.3260 and 1.3297 levels.
- If the GBPUSD pair moves below the 1.3155 level, key technical support is found at the 1.3100 and 1.3070 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.