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Technical analysis

British Pound Recovers Above 1.2900

OctaFx | Feb. 8, 2019
British Pound Recovers Above 1.2900

February 8, OctaFX – The British pound has recovered above the 1.2900 level against the US dollar after reports of positive developments between EU and UK officials during Brexit negotiations.

GBPUSD Technical Outlook

The 1.3000 level is now key resistance, a sustained move above this key psychological level is likely to provoke a test of the 1.3055 level. The MACD indicator on the four-hour time frame is correcting higher, which should support further upside in the GBPUSD pair.

  • 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.

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.