How will the pair move today? OctaFX's analysts have shared their projection in the following GBPUSD technical forecast.
19 October, OctaFX – The British pound has broken sharply to the downside against the US dollar, after Brexit negotiations between the UK and EU once again ended in uncertainty.
GBPUSD Technical Forecast
The GBPUSD pair has now moved below the neckline of a bearish head and shoulders pattern, with a downside projection of over two hundred points.
Buyers now need to defend the 1.3000 support level or risk further intraday losses towards the 1.2940 level.
- The GBPUSD pair is strongly intraday bearish while trading below the 1.3080 level, key support is found at the 1.3000 and 1.2940 levels.
- If the GBPUSD pair moves above the 1.3080 level, key intraday resistance is then found at the 1.3100 and 1.3130 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.