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.
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