British Pound Remains Bearish Below 1.3054


British Pound remains under pressure as it is trapped under Brexit headlines. Further, the GBPUSD pair is off its recent highs with Intraday action, turning increasingly bearish. What to expect next?

1 October, OctaFX – The British pound remains under downside pressure against the greenback on the first trading day of the month, with ongoing Brexit concerns and US dollar strength weighing on sterling.

GBPUSD Intraday Bearish Below 1.3054

Sellers continue to look for a sustained break of the 1.3000 level, while buyers need to stabilize price above the 1.3054 level. Traders now await the release of the UK Manufacturing PMI for the month of September, with expectation tilted to the upside.

  • The GBPUSD pair is strongly bearish while trading below the 1.3000 level, key support is found at the 1.2972 and 1.2919 levels.
  • If the GBPUSD pair moves above the 1.3054 level, we may see a correction towards the 1.3094 and 1.3120 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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