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Technical analysis

British Pound Now Under Heavy Selling Pressure

OctaFx | Jan. 3, 2019
British Pound Now Under Heavy Selling Pressure

January 3, OctaFX – The British pound is now under heavy selling pressure against the US dollar, following a flash crash in the foreign exchange market which saw the pair hitting 1.2424.

GBPUSD Technical Outlook

The GBPUSD pair has made a recovery above the 1.2500 level, although short-term sellers still retain control of price action. A continuation to the downside is expected if sellers can hold price below the pivotal 1.2528 level.

  • If the GBPUSD pair trades below the 1.2528 level, sellers are likely to test the 1.2470 and 1.2424 support levels.
  • If buyers can hold price above the 1.2528 level, a correction towards the 1.2600 and 1.2620 levels may occur.

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.