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.
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