April 29, OctaFX – The British pound is attempting to trade above the 1.2900 level against the US dollar in early week trade as technical indicators continue to correct from oversold conditions.
GBPUSD technical analysis
The GBPUSD pair has so far found resistance from the 1.2943 level, although the 1.2975 level is critical weekly resistance. To the downside, weakness below the 1.2900 is likely to trigger a technical test of the 1.2865 level.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is then found at the 1.2865 and 1.2840 levels.
If the GBPUSD pair trades above 1.2900 level, key intraday resistance is found at the 1.2943 and 1.2975 levels.
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