January 9, OctaFX – The British pound has moved back towards the pivotal 1.2740 level against the US dollar after buyers failed to break above the 1.2810 resistance level.
The current intraday sentiment surrounding the GBPUSD pair is neutral, although in the short-term buyers have the upper hand while price trades above the 1.2660 level.
GBPUSD Technical Analysis
The MACD indicator on the daily time frame is approaching neutral levels, while the Momentum indicator is starting to turn lower.
- The GBPUSD pair only intraday bullish while trading above the 1.2780 level, key technical resistance is found at the 1.2810 and 1.2900 levels.
- If the GBPUSD pair trades under the 1.2700 level, sellers are likely to test the 1.2660 and 1.2600 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.