British Pound Under Increasing Downside Pressure

February 12, OctaFX – The British pound is coming under increasing downside pressure against the US dollar on Tuesday after sellers forced price below the important 1.2890 level.

GBPUSD Technical Analysis

The 1.2850 level is the major support region to watch, further losses under this area may provoke additional technical selling towards the 1.2780 level. Sterling traders should be aware that Bank of England Governor Mark Carney is delivering a scheduled speech later today.

  • The GBPUSD pair is heavily bearish while trading below the 1.2890 level, key technical support remains at the 1.2850 and 1.2780 levels
  • If the GBPUSD pair moves above the 1.2890 level, buyers may test towards the 1.2920 and 1.2970 levels.


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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