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GBPUSD analysis - British pound attempts recovery above 1.2500

OctaFx | Jul. 8, 2019
GBPUSD analysis - British pound attempts recovery above 1.2500

8 July 2019, OctaFX – The British pound is attempting to recover above the 1.2500 level against the US dollar, after finding interim support from the 1.2480 level on Friday.

GBPUSD technical analysis

The bullish inverted head and shoulders pattern has been invalidated on the lower time frames, although the multi-year low around the 1.2430 remains unbroken. The 1.2505 level is now the key daily and weekly pivot point to watch for the GBPUSD pair.

  • The GBPUSD pair is heavily bearish while trading below the 1.2505 level, key support is found at the 1.2480 and 1.2445 levels.

  •  GBPUSD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2610 and 1.2660 levels.

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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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