GBPUSD analysis: British pound attempting to trade above 1.2900

April 29, OctaFX – The British pound is attempting to trade above the 1.2900 level against the US dollar in early week trade as technical indicators continue to correct from oversold conditions.

GBPUSD technical analysis

The GBPUSD pair has so far found resistance from the 1.2943 level, although the 1.2975 level is critical weekly resistance. To the downside, weakness below the 1.2900 is likely to trigger a technical test of the 1.2865 level.

  • The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is then found at the 1.2865 and 1.2840 levels.

  • If the GBPUSD pair trades above 1.2900 level, key intraday resistance is found at the 1.2943 and 1.2975 levels.

GBPUSD analysis, British pound


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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