February 7, OctaFX – The British pound remains weak against the US dollar on Thursday, with traders now awaiting the Bank of England rate decision and the outcome of British PM Theresa May’s Brexit negotiations with EU leaders.
If the GBPUSD pair falls below the 1.2900 level, further losses towards the 1.2830 level appear likely. Buyers need to move price above the 1.2990 level to negate the bearish sentiment surrounding the pair.
GBPUSD Technical Analysis
- The GBPUSD pair is heavily bearish while trading below the 1.2990 level, key technical support is found at the 1.2900 and 1.2830 levels
- If the GBPUSD pair trades above the 1.2990 level, key resistance is found at the 1.3020 and 1.3055 levels.
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.