British pound under slight downside pressure below 1.2700

28 May 2019, OctaFX – The British pound remains under slight downside pressure against the greenback in early Tuesday trade after the pair fell well below the 1.2700 level.

GBPUSD technical analysis

If GBPUSD bulls can stabilize price above the 1.2679 support level the pair could eventually recover towards the 1.2765 resistance level. Continued weakness below the 1.2679 level may prompt a technical test of the 1.2640 price region.

  • The GBPUSD pair is only bearish while trading below the 1.2700 level, key support is located at the 1.2679 and 1.2640 levels.

  • If the GBPUSD pair holds above the 1.2700 level, key intraday resistance is found at the 1.2747 and 1.2765 levels.

A close up of a green fence
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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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