March 1, OctaFX – The British pound is starting to correct lower against the US dollar on Friday after the US economy posted much stronger than expected economic data.
GPUSD technical outlook
The GBPUSD pair is testing towards the pivotal 1.3230 level, with key support below at the 1.3200 level. If bulls can defend the 1.3230 level, traders should expect a strong rebound back towards the 1.3300 resistance area.
The GBPUSD pair retains a bullish bias while trading above the 1.3230 level, key technical resistance is found at the 1.3300 and 1.3350 levels
If the GBPUSD pair trades below the 1.3230 level, sellers may test towards the 1.3200 and 1.3160 support 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.