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Fundamental analysis

British Pound Strongly Bullish

OctaFx | Nov. 2, 2018
British Pound Strongly Bullish

The British pound is strongly bullish against the US dollar, after performing its second largest one-day gain of the year on Thursday. What next should traders expect? The following GBPUSD technical outlook reveals.

2 November, OctaFX – The British pound performed its second largest one-day gain of the year against the US dollar this week, as news that the United Kingdom and European Union were close to agreeing on a Brexit deal over financial services.

Fundamental Highlights

The GBPUSD pair had started the week under pressure towards the 1.2700 support level but quickly recovered back above the 1.3000 level on the news that London was close to a financial services deal with Brussels.

Sterling also received a boost, as the Bank of England kept monetary policy unchanged but hinted that a interest rate hike may be announced sooner than previously expected.

GBPUSD Technical Outlook

  • The GBPUSD pair is strongly bullish while trading above the 1.2920 level, key resistance is now found at the 1.3050 and 1.3090 levels.
  • If the GBPUSD pair moves below the 1.2920 level, sellers may test towards the 1.2880 and 1.2852 support 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.