British Pound On a Downward Slide Against US Dollar

February 11, OctaFX The British pound is slipping lower against the US dollar on Monday after buyers failed to move price above the psychological 1.3000 resistance level.

GBPUSD Technical Outlook

Traders now await the releases of important data from the UK economy this morning, with quarterly GDP data likely to move the GBPUSD pair. Sustained weakness below the 1.2890 level will likely provoke a further technical test of the 1.2850 support area.

  • The GBPUSD pair is only bearish while trading below the 1.3000 level, key technical support is found at the 1.2890 and 1.2850 levels
  • If the GBPUSD pair trades above the 1.3000 level, key resistance is found at the 1.3055 and 1.3095 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.

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