GBPUSD Soars Over Brexit News


The Cable jumped in the early trades as investors flocked to the GBP on expectations that a Brexit deal will be clinched soon. What is next? OctaFX shared their GBPUSD technical analysis.

November 14, OctaFX – The British pound has surged higher against the US dollar, hitting 1.3045, following the news that the UK is close to securing a Brexit deal with the European Union.

The GBPUSD pair is intraday bullish above the 1.2900 level and remains highly sensitive to incoming Brexit news.

GBPUSD Technical Analysis

Bulls ideally need to break above the 1.3175 resistance level to negate the recent series of bearish lower highs.

  • The GBPUSD pair is intraday bullish while trading above the 1.2900 level, key technical resistance is now found at the 1.3090 and 1.3175 levels.
  • If the GBPUSD pair trades below the 1.2945 level, key support is found at the 1.2900 and 1.2836 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.

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