British Pound Surges Above 1.3100


The buying interest around the GBPUSD remains well and sound so far on Wednesday as the British Pound surged above 1.3100. What is next?

19 September, OctaFX – Cable has broken above the 1.3200 mark after UK inflation figures tracked by the CPI rose more than initially estimated during August.

In fact, headline consumer prices rose at a monthly 0.7% and 2.7% over the last twelve months, while prices stripping food and energy costs rose at an annualized 2.1%.

In the meantime, Cable remains supported by the persistent weakness around the greenback and the generalized better tone in the risk-associated sphere, all despite lingering uncertainty regarding the Brexit negotiations.

British Pound Surges Above 1.3100

Buyers will attempt to move the GBPUSD pair towards the 1.3205 level, while sellers will try to move price below the 1.3100 level.

  • The GBPUSD pair is only bullish while trading above the 1.3100 level, key resistance is found at the 1.3170 and 1.3205 levels.
  • If the GBPUSD pair moves below the 1.3100 level, key support remains at the 1.3060 and 1.3000 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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