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Technical analysis

British Pound moves higher against US Dollar

OctaFx | Feb. 20, 2019
British Pound moves higher against US Dollar

February 20, OctaFX – The British pound has made a strong move higher against the US dollar, following dovish comments from Federal Reserve member Loretta Mester.

GBPUSD technical analysis

The GBPUSD pair is approaching major technical resistance around the 1.3095 level, a move above this level exposes further upside towards the 1.3200 level. A bullish inverted head and shoulders pattern is now visible on the four-hour time frame.

  • The GBPUSD pair is bullish while trading above the 1.2940 level, key technical resistance is found at the 1.3095 and 1.3200 levels
  • If the GBPUSD pair trades below the 1.3000 level, sellers may test towards the 1.2965 and 1.2940 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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