Technical Analysis

GBPUSD Falls After Mixed Data

Typography

The British pound has fallen below the 1.3300 handle, moving towards the 1.3250 level against the U.S dollar, after UK economic data showed employment continues to rise, while domestic wage growth remains stagnant.

Earlier, the GBPUSD pair moved to 1.3328, which marked a new 2017 yearly price high, and the highest level for sterling since September 8th, 2016.

Going forward, the GBPUSD pair remains bullish on an intraday basis, whilst trading above its calculated daily pivot point, located at 1.3252.

Key upside technical resistance is now located at the former monthly price high, at 1.3268, and the former daily high, at 1.3298. Above 1.3298, further resistance is found at 1.3328 and 1.3348.

To the downside, intraday GBPUSD technical support is located at 1.3252 and 1.3228. Below the 1.3228 level, a deeper sell-off may take place towards 1.3190 and 1.3159.

OctaFX
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.
More from the author