GBPUSD analysis: British pound bearish below 1.2970

March 11, OctaFX – The British pound has opened the new trading week under further downside against the US dollar, as fear of a hard-Brexit scenario increase.

GBPUSD analysis: pair is heavily bearish

The GBPUSD pair has broken below the psychological 1.3000 level and is trading close to the neckline of a large head and shoulders pattern on the four-hour time frame. The overall target for the bearish head and shoulders pattern is around three-hundred and seventy pips below the 1.2975 level.

  • The GBPUSD pair is heavily bearish while trading below the 1.2975 level, key technical support is found at the 1.2900 and 1.2840 levels

  • If the GBPUSD pair trades above the 1.3000 level, buyers may test towards the 1.3130 and 1.3055 resistance levels.

British pound, GBPUSD analysis


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.

Share Your Opinion, Write a Comment