British Pound Under Increasing Selling Pressure


February 6, OctaFX – The British pound is coming under increasing selling pressure against the US dollar after data on Tuesday showed that the United Kingdom economy is slowing due to Brexit.

The GBPUSD pair has broken below the 1.3000 level, while the next important intraday support is found at the 1.2890 level. It is worth noting that technical indicators are starting to approach oversold conditions, a technical correction back towards the 1.3000 could occur.

GBPUSD Technical Analysis

  • The GBPUSD pair is bearish while trading below the 1.3000 level, key technical support is found at the 1.2930 and 1.2890 levels
  • If the GBPUSD pair trades above the 1.3000 level, key resistance is found at the 1.3030 and 1.3090 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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