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GBPUSD analysis: British pound is attempting to move higher

GBPUSD analysis: British pound is attempting to move higher

March 6, OctaFX – The British pound is attempting to move higher against the US dollar in early Wednesday trade after finding strong dip-buying demand from the 1.3100 support level.

GBPUSD analysis: pair is bearish below 1.3155

The GBPUSD pair may move back towards the top-end of its recent trading range if bulls continue to defend the 1.3100 level. Traders should note that the bullish inverted head and shoulders pattern still remains valid on the four-hour time frame.

  • The GBPUSD pair is bearish while trading below the 1.3155 level, key technical support is found at the 1.3100 and 1.3050 levels

  • If the GBPUSD pair trades above the 1.3155 level, buyers may test towards the 1.3200 and 1.3260 resistance levels.

British pound

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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