British Pound Under Downside Pressure


January 30, OctaFX – The British pound is under downside pressure against the US dollar after EU officials failed to support British PM Theresa May’s new deal Brexit plan, which won the support of UK lawmakers on Tuesday.

The GBPUSD pair is bearish while trading below the pivotal 1.3090 level and could potentially fall towards the 1.3000 level. The US Federal Open Market Committee policy meeting later today is next major risk event for GBPUSD pair.

GBPUSD Technical Outlook

  • The GBPUSD pair is bearish while trading below the 1.3090 level, key technical support is found at the 1.3000 and 1.2955 levels
  • If the GBPUSD pair trades above the 1.3090 level, key resistance is found at the 1.3130 and 1.3200 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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