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Forex

British Pound Trades Below 1.3000

OctaFx | Oct. 3, 2018
British Pound Trades Below 1.3000

The bid tone around the British Pound weakened on Wednesday, dragging the GBPUSD pair below the 1.3000 level. What can traders expect next?

3 October, OctaFX – The British pound continues to trade well under the 1.3000 level against the US dollar, as Brexit and UK political uncertainty keep sterling under downside selling pressure.

GBPUSD Strongly Bearish Below 1.3000

Sellers will look to break the 1.2940 level, while buyers need to reclaim the 1.3000 level. Traders await key September PMI services data from the United Kingdom economy this morning, with expectations tilted to the downside.

  • The GBPUSD pair is strongly bearish while trading below the 1.3000 level, key support is found at the 1.2940 and 1.2860 levels.
  • If the GBPUSD pair trades above 1.3000 level, further upside towards the 1.3020 and 1.3054 resistance levels remains possible.

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.