British pound continues to drift lower against USD

April 9, OctaFX – The British pound continues to drift lower against the US dollar as traders remain nervous ahead of Wednesday’s EU leaders meeting over Brexit.

GBPUSD technical outlook

The overall target of the triangle pattern on the four-hour time frame suggests that the GBPUSD pair could fall towards the 1.2900 level. Buyers need to move price above the 1.3100 level to negate the bearish weekly sentiment towards the GBPUSD pair.

  • If the GBPUSD pair trades above the 1.3060 level, key resistance is found at the 1.3100 and 1.3180 levels.

  • If the GBPUSD pair trades below the 1.3160 level, key intraday support is found at the 1.3000 and 1.2980 level.

British pound USD


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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