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Technical analysis

GBPUSD Drifts Lower Towards 1.2600

OctaFx | Dec. 14, 2018
GBPUSD Drifts Lower Towards 1.2600

The British pound plunged to its lowest trading level against the US dollar since April 2017 this week, as British Prime Minister Theresa May faced a leadership challenge from within the ruling Conservative party. 

December 14, OctaFX – The British pound is drifting towards the 1.2600 level against the US dollar after buyers failed to hold price above the neckline of the bearish head and shoulders pattern.

GBPUSD Technical Analysis

The one-hour time frame is showing that the GBPUSD pair is trading inside a pennant pattern. A clear break below the 1.2600 level exposes further downside for the GBPUSD pair towards the 1.2550 level.

  • If the GBPUSD pair trades below the 1.2665 level, buyers may test towards the 1.2700 and 1.2730 resistance levels.
  • If the GBPUSD pair trades below the 1.2600 level, key support is found at the 1.2550 and 1.2480 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.

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.