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Technical analysis

Under Downside Pressure GBPUSD Bulls Struggle to Break 1.2700

OctaFx | Dec. 24, 2018
Under Downside Pressure GBPUSD Bulls Struggle to Break 1.2700

December 24, OctaFX – The British pound remains under downside pressure against the greenback on Monday, as buyers continue to struggle to break the 1.2700 resistance level.

GBPUSD Technical Forecast

A clear break from the 1.2600 to 1.2700 price range is currently needed for a near-term directional bias to be established. The MACD indicator on the daily time frame is signalling that a short-term recovery is still underway.

  • The GBPUSD pair is only bullish while trading above the 1.2700 level, buyers may then test towards the 1.2770 and 1.2850 levels.
  • If the GBPUSD pair continues to trade below the 1.2660 level, sellers will likely test the 1.2625 and 1.2560 support 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.