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Technical analysis

GBPUSD Bullish Above $1.2900

OctaFx | Nov. 23, 2018
GBPUSD Bullish Above $1.2900

The GBPUSD pair traded back above the 1.2900 level, marking a sharp reversal from last week. What can traders expect next ahead of the important EU Summit being held in Brussels this coming weekend? The following technical analysis reveals.

November 23, OctaFX – The British pound has moved towards the 1.2900 level against the US dollar after British PM Theresa May moved closer to securing a soft Brexit deal for the United Kingdom.

GBPUSD technical analysis

The GBPUSD pair retains an intraday bullish bias while trading above the 1.2880 level. If buyers can break the above the upper trend line, at 1.2940, further upside towards the 1.3100 level would then seem possible.

  • The GBPUSD pair is intraday bullish while trading above the 1.2880 level, key technical support remains at the 1.2940 and 1.3000 levels.
  • If the GBPUSD pair trades below the 1.2880 level, a correction towards the 1.2820 and 1.2790 level remains possible.

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.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.