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Technical analysis

GBPUSD Strongly Bearish Below 1.2800

OctaFx | Oct. 30, 2018
GBPUSD Strongly Bearish Below 1.2800

The GBPUSD pair was slightly lower in the Asian session as the focus among traders is on the BOE, which is expected to release its interest rate decision on Thursday. What can traders expect? Gain insight into the following technical forecast.

30 October, OctaFX – The British pound is once again testing the 1.2800 support level against the US dollar after buyers failed around the 1.2840 level on Monday.

Sellers are likely to test towards the former weekly low, at 1.2785, while buyers need to move price above the 1.2866 resistance level.

GBPUSD Technical Forecast

The RSI and MACD indicator shows that the GBPUSD pair remains extremely oversold on the four-hour time frame.

  • The GBPUSD pair is strongly bearish while trading below the 1.2800 level, key support is found at the 1.2785 and 1.2730 levels.
  • If the GBPUSD pair moves above the 1.2840 level, buyers will likely test towards the 1.2866 and 1.2921 resistance 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.