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GBPUSD analysis - British pound remains vulnerable to further losses

OctaFx | Aug. 15, 2019
GBPUSD analysis - British pound remains vulnerable to further losses

Cable remains under pressure and keeps targeting the 1.1985 level in the next weeks. The downward acceleration over the past couple of days could be attributed to the lack of significant support levels.

15 August 2019, OctaFX – The British pound remains vulnerable to further losses against the US dollar, ahead of the release of United Kingdom Retail Sales data this morning.

GBPUSD technical analysis

Weaker than expected UK data could easily spark a bearish decline in the GBPUSD pair under the 1.2000 support level. Stronger data may support another run at the 1.2100 level, although GBPUSD bulls may need the pair to move lower to a more attractive price before moving in heavily.

  • The GBPUSD pair is bearish while trading below 1.2080, key support is found at the 1.2000 and 1.1980 levels.

  • If the GBPUSD pair trades above the 1.2080 level, buyers may test towards the 1.2160 and 1.2200 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.