GBPUSD analysis – British pound remains extremely weak

17 July 2019, OctaFX – The British pound remains extremely weak against the US dollar on Wednesday, following a breakout move below the current yearly trading low for the pair.

GBPUSD technical analysis

If bulls can defend the 1.2380 level the GBPUSD pair could bounce back towards the 1.2470 level over the coming sessions. A breach of the 1.2380 level is likely to see the GBPUSD sold down towards the 1.2340 support region.

  • The GBPUSD pair is only bullish while trading above the 1.2440 level, key resistance is found at the 1.2470 and 1.2510 levels. 

  • If the GBPUSD trades below the 1.2440 level, key support is located at the 1.2400 and 1.2380 levels.

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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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