Ahead of UK data British pound consolidates below 1.3100

April 16, OctaFX – The British pound is consolidating below the 1.3100 level against the US dollar as traders await the release of key jobs and earnings data from the UK economy.

GBPUSD technical forecast

Better than expected economic data could lift the GBPUSD pair towards the 1.3125 level, with the 1.3200 level extended resistance. Worse than expected data could provoke a decline towards the 1.3055 level, with the 1.2980 extended support.

  • The GBPUSD pair is only bullish while trading above the 1.3100 level, key intraday resistance remains at the 1.3125 and 1.3200 levels.

  • If the GBPUSD pair trades under the 1.3100 level, key intraday support is found at the 1.3055 and 1.2980 levels.

UK data British pound


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.

Share Your Opinion, Write a Comment