OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD Price Analysis: Pound hovering near multi-month lows, sub-1.2900 figure

  • GBP/USD is consolidating losses after hitting levels not seen since November 2019.
  • The level to beat for bears is the 1.2861 support.
 

GBP/USD daily chart 

 
After the October and December bull-market, GBP/USD is trading in a rectangle consolidation above the 200-day simple moving averages (SMAs).
 

GBP/USD four-hour chart

 
Pound/Dollar is consolidating losses after reaching levels not seen since November 2019. The currency pair remains relatively weak, especially on a break below the 1.2861 support. Downside targets can be seen near the 1.2835 and 1.2731 levels. On the flip side, bullish attempts might find resistance near the 1.2941, 1.2981 and 1.3000 levels, according to the Technical Confluences Indicator.
 
 
Resistance: 1.2941, 1.2981, 1.3000
Support: 1.2861, 1.2835, 1.2731
   
 

Additional key levels

 

Atlanta Fed's GDPNow ticks up to 2.7% from 2.6% for first quarter of 2020

The real gross domestic product (GDP) in the United States is expected to expand by 2.6% in the first quarter of 2020, the Federal Reserve Bank of Atl
Read more Previous

United States EIA Natural Gas Storage Change registered at -143B above expectations (-158B) in February 21

United States EIA Natural Gas Storage Change registered at -143B above expectations (-158B) in February 21
Read more Next
Start livechat