Thu, Feb 25, 2021 @ 10:38 GMT
Home Contributors Technical Analysis GBPUSD Holding Support

GBPUSD Holding Support

The British pound is holding key support against the US dollar, ahead of a slew of important data releases from the United Kingdom economy. Technical analysis shows that bulls need to defend the 1.3580 level in order to keep the recent recovery intact. A bullish inverted head and shoulders pattern on the lower time frames is pointing to a coming rally towards the 1.3720 level.

The GBPUSD pair is only bullish while trading above the 1.3580 level, key resistance is found at the 1.3660 and the 1.3720 levels.

If the GBPUSD pair trades below the 1.3580, sellers may test the 1.3420 and 1.3300 support levels.

Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client's needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions.

Featured Analysis

Learn Forex Trading