British Pound Weakens Below 1.3100


How will the British pound move today? Analysts at OctaFX have shared their GBPUSD technical analysis.

18 October, OctaFX – The British pound has weakened below the 1.3100 level against the greenback after the US dollar index strengthened to a one-week trading high following the FOMC Meeting Minutes.

GBPUSD Technical Analysis

The GBPUSD pair is likely to weaken further while trading below the 1.3100 level. Buyers need to move price above the 1.3155 resistance level to change the intraday bias, while sellers will attempt to break the current weekly trading low.

  • The GBPUSD pair is strongly bearish while trading below the 1.3100 level, key support is found at the 1.3070 and 1.3033 levels.
  • If the GBPUSD pair moves above the 1.3100 level, buyers may test towards the 1.3155 and 1.3200 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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