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GBPUSD analysis: British pound edges closer to 1.3200

GBPUSD analysis: British pound edges closer to 1.3200

March 7, OctaFX – The British pound is continuing to stage a recovery against the US dollar in early Thursday trade with the pair edging closer to the 1.3200 resistance level.

GBPUSD analysis: Pair is intraday bullish above 1.3170

If GBPUSD buyers can force price above the 1.3200 level, we should expect a test of the pivotal 1.3230 level. Technical indicators on the four-hour time frame suggest that the intraday recovery is gathering bullish momentum.

  • The GBPUSD pair is intraday bullish while trading above the 1.3170 level, key technical resistance is found at the 1.3200 and 1.3230 levels

  • If the GBPUSD pair trades below the 1.3170 level, sellers may test towards the 1.3155 and 1.3130 support levels.

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.

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