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Technical analysis

British Pound Remains Bearish: Are further losses expected?

OctaFx | Feb. 5, 2019
British Pound Remains Bearish: Are further losses expected?

February 5, OctaFX – The British pound remains under selling pressure against the US dollar on Tuesday, with the pair now trading beneath key trendline support.

Further intraday losses are now expected, with the psychological 1.3000 level the main technical support region to watch. The MACD indicator on the four-hour time frame has broken lower, signalling that bearish selling pressure is increasing.

GBPUSD Technical Outlook

  • The GBPUSD pair is bearish while trading below the 1.3055 level, key technical support is found at the 1.3000 and 1.2970 levels
  • If the GBPUSD pair trades above the 1.3055 level, key resistance is found at the 1.3095 and 1.3130 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.