The GBPUSD pair continues bleeding as it is sharply down from 1.2200 level with a no-deal Brexit looming.
1 August 2019, OctaFX – The British pound has taken a heavy tumble from the 1.2200 level against the US dollar, leaving the multi-year low for the pair exposed.
GBPUSD technical analysis
A bearish breakdown below the 1.2110 level should see the GBPUSD pair testing towards the 1.1985 to 1.2000 support region. The UK manufacturing PMI later today and Bank of England rate decision could also be bearish for the British pound.
If the GBPUSD pair trades above the 1.2180 level, key resistance is found at the 1.2250 and 1.2310 levels.
If the GBPUSD pair breaks below the 1.2110 level, sellers may test towards the 1.2050 and 1.2000 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.