The British pound is moving back towards the 1.3100 support level against the US dollar, after peaking at the 1.3170 level on Wednesday. What traders expect next? The following GBPUSD technical analysis.
November 8, OctaFX – Over the past week, the Cable has lifted firmly on rising hopes for a successful Brexit negotiation, with yet another key self-imposed deadline of this Friday expected to reveal any kind of last-minute deal in proceedings.
GBPUSD Technical Analysis
The GBPUSD pair remains vulnerable to further declines below the 1.3100 support level, with a breach of trendline support likely to promote technical selling.
Buyers need to stabilize price above the 1.3100 level to build momentum for another attempt at the 1.3200 level.
- The GBPUSD pair is only bullish while trading above the 1.3100 level, key resistance is now found at the 1.3170 and 1.3200 levels.
- If the GBPUSD pair moves below the 1.3100 level, key support is found at the 1.3055 and 1.3022 levels.
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