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GBPUSD analysis - British pound surges to 1.2310

GBPUSD analysis - British pound surges to 1.2310

The GBPUSD pair has been on the rise after opposition parties agreed on a path forward in the attempt to block a no-deal Brexit.

28 August 2019, OctaFX – The British pound has surged to its highest trading level since late-July against the US dollar as dip-buyers retain control of the pair.

GBPUSD technical analysis

The GBPUSD pair has hit its near-term bullish target, at 1.2310, although the larger upside objective is closer to the 1.2500 level. Bulls will need to hold price above the 1.2310 level to encourage additional buying towards the 1.2380 resistance area.

  • The GBPUSD pair is only bearish while trading below the 1.2195 level, key support is found at the 1.2155 and 1.2100 levels.

  • If the GBPUSD pair trades above the 1.2310 level, buyers may test towards the 1.2380 and 1.2480 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.