British Pound Recovers Above 1.3100


The British pound has recovered above the 1.3100 level against the US Dollar as Brexit deal optimism grows. What next can traders expect?

8 October, OctaFX – The British pound has moved back above the key 1.3100 level against the US dollar, as optimism grows that a Brexit deal may soon be struck between the EU and the United Kingdom.

British Pound Buyers Gain Control

The MACD indicator on the four-hour time frame is trending higher and signalling further gains ahead. With an absence of economic data from the United States economy, Brexit news remains the number one driver of sterling.

  • The GBPUSD pair is only bearish while trading below the 1.3100 level, key support is found at the 1.3056 and 1.3000 levels.
  • If the GBPUSD pair continues to hold above the 1.3100 level, key technical resistance is found at the 1.3155 and 1.3216 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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