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.


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