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GBPUSD analysis - British pound remains vulnerable to further losses

OctaFx | Aug. 5, 2019
GBPUSD analysis - British pound remains vulnerable to further losses

The British pound remains vulnerable to further losses against the US dollar this week, following another heavily bearish weekly price close.

5 August 2019, OctaFX – Despite parliamentary recess in the UK, the Prime Minister (PM) Boris Johnson and his team keep preparing for a no-deal Brexit, which in turn exerts downside pressure on the GBPUSD pair ahead of the key Services PMI data for July.

GBPUSD technical analysis

Negative UK PMI services data later today could push the GBPUSD pair lower for a major test of the 1.2000 support level. In the near-term, if sterling bulls can regain control, they are likely to face strong resistance from the 1.2250 level.

  • 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 1.2250 level, buyers may test towards the 1.2310 and 1.2350 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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.