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Technical analysis

GBPUSD Remains Bearish Awaiting Manufacturing Data

OctaFx | Dec. 3, 2018
GBPUSD Remains Bearish Awaiting Manufacturing Data

December 3, OctaFX – The British pound continues to trade at depressed levels against the greenback in early week trade, following a strong technical rejection from the 1.2800 level.

Overall, sterling traders remain cautious ahead of the upcoming vote on British PM Theresa May’s proposed Brexit deal in UK parliament next week. The release of the United Kingdom Manufacturing PMI will likely spark the next short-term directional move in the GBPUSD pair.

GBPUSD Technical Outlook

  • The GBPUSD pair remains bearish while trading below the 1.2800 level, key technical support is found at the 1.2750 and 1.2695 levels.
  • If the GBPUSD pair trades above the 1.2800 level, key resistance is found at the 1.2852 and 1.2923 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.