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Technical analysis

British Pound Remains Under Downside Pressure

OctaFx | Oct. 22, 2018
British Pound Remains Under Downside Pressure

How will the British pound move today? The following GBPUSD technical outlook reveals.

22 October, OctaFX – The British pound remains under downside pressure against the US dollar, as Brexit uncertainty continues to support short-term sterling selling.

GBPUSD Technical Outlook

The GBPUSD pair is intraday bearish while trading below the 1.3100 level, although caution is warranted as the MACD indicator on the four-hour time frame is starting to recover higher.

Sellers need to break the former weekly-low, while buyers need to move price above the 1.3100 resistance level.

  • The GBPUSD pair is bearish while trading below the 1.3100 level, key support is now found at the 1.3050 and 1.3018 levels.
  • If the GBPUSD pair moves above the 1.3100 level, buyers are likely to test the 1.3155 and 1.3200 resistance 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.