16 July 2019, OctaFX – The British pound is struggling to recover higher against the US dollar, ahead of the release of key employment and wage data from the UK economy this morning.
GBPUSD technical analysis
The GBPUSD pairs weekly pivot point, at 1.2530 is the key level to watch for signs of a directional bias. A lack of interest to hold the GBPUSD pair above the 1.2530 level may prompt a rebound back towards the 1.2580 area.
The GBPUSD pair is only bullish while trading above the 1.2530 level, key resistance is found at the 1.2580 and 1.2610 levels.
If the GBPUSD trades below the 1.2530 level, key support is located at the 1.2505 and 1.2470 levels.
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.