British pound under pressure against the US dollar

April 17, OctaFX – The British pound is under pressure against the US dollar after the pair was strongly rejected from the pivotal 1.3100 resistance level.

GBPUSD technical outlook

The one-hour time frame is currently showing a bearish head and shoulders pattern, with neckline support close to the 1.3000 level. The downside projection of the bearish pattern would take the GBPUSD pair toward the February swing-low.

  • The GBPUSD pair is bearish while trading below the 1.3100 level, key intraday support is found at the 1.3000 and 1.2940 levels.

  • If the GBPUSD pair trades above the 1.3100 level, key intraday resistance is found at the 1.3125 and 1.3200 levels.

British pound US dollar


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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