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Technical analysis

British Pound Trading Cautiously Against US Dollar

OctaFx | Jan. 29, 2019
British Pound Trading Cautiously Against US Dollar

January 29, OctaFX – The British pound is trading cautiously against the US dollar on Tuesday, as traders await today’s key vote on Theresa May’s new deal Brexit plan in UK Parliament.

The 1.3130 level is now key intraday support and has so far been defended by sterling dip-buyers. If we see PM May’s deal rejected later today, the GBPUSD pair is likely to test the pivotal 1.3090 level, if the plan is approved the GBPUSD pair could soar towards the 1.3295 level.

GBPUSD Technical Outlook

  • The GBPUSD pair is only bearish while trading below the 1.3130 level, key technical support is found at the 1.3090 and 1.3000 levels
  • If the GBPUSD pair trades above the 1.3130 level, key resistance is found at the 1.3210 and 1.3295 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.