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Technical analysis

British Pound Surges Above 1.3100

OctaFx | Nov. 7, 2018
British Pound Surges Above 1.3100

This week has marked an easy gainer for the GBPUSD, lifting from opening prices near 1.3020, and sequential higher lows and providing a nice jumping-off point for reloading buys. What is next? Gain insight into the following technical analysis.

November 7, OctaFX – The past twenty-four hours have seen the GBPUSD take steps higher, largely fueled by staunch hopes for a last-minute Brexit deal, but 1.3100 is proving to be something of a bear trap heading into the mid-week inflection point.

The British pound has surged above the 1.3100 level against the US dollar after the US mid-term elections results caused the greenback to sell-off across the board.

The GBPUSD pair is strongly bullish while trading above the 1.3100 level, with the 1.3200 level the next large resistance barrier ahead.

Technical Analysis: GBPUSD Watching MACD Divergence

Caution is advised, as the GBPUSD pair is showing negative MACD price divergence on the one-hour time frame.

  • The GBPUSD pair is strongly bullish while trading above the 1.3100 level, key resistance is now found at the 1.3145 and 1.3200 levels.
  • If the GBPUSD pair moves below the 1.3100 level, sellers may test towards the 1.3060 and 1.3040 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.