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GBPUSD analysis - British pound bounces back towards the 1.2200

OctaFx | Aug. 2, 2019
GBPUSD analysis - British pound bounces back towards the 1.2200

The GBPUSD pair remains on the defensive ahead of the London open despite the overnight slide in the US treasury yields. 

2 August 2019, OctaFX – The British pound has staged a bounce from the 1.2080 level against the US dollar, following a string of softer US macroeconomic data releases.

GBPUSD technical analysis

Minor bounces back towards the 1.2200 resistance level may occur, although further downside towards the 1.2000 is still expected. Traders are also focused on the US monthly jobs report later today, with any downside shocks likely to be taken as negative for the US dollar.

  • The GBPUSD pair is bearish while trading below 1.2250, key support is found at the 1.2080 and 1.2000 levels.

  • If the GBPUSD pair trades above the 1.2150 level, buyers may test towards the 1.2189 and 1.2220 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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