Technical Analysis

Sterling Fails At 1.3225

Typography

The British pound continues to trade around the 1.3195 level against the U.S dollar, after earlier hitting 1.3225, with the greenback continuing to consolidate at two-week trading lows, amid concerns President Donald Trump’s tax plan could stall.

Intraday trading sentiment surrounding the GBPUSD is currently mixed, despite fundamental sentiment improving in the British pound, the pair was twice rejected from the key 1.3220 technical resistance area.

Going forward, a move below the 1.3190 support area should provoke intraday GBPUSD losses towards the 1.3166 region, whilst a higher time-frame price-close back above the 1.3220 level should cement further buying interest.

Traders are likely to remain cautious towards further positioning ahead of FOMC Meeting Minutes, which are due to be released during the upcoming U.S trading session.

Key technical support for the GBPUSD pair below the 1.3190 level is found at the pairs weekly pivot point, at 1.3166 and the key 1.3150 level. Further support is seen at 1.3141 and the former swing-low at 1.3128.

To the upside, key technical resistance above the 1.3195 level is found at 1.3220 and the October 5th swing-high at 1.3249. Once above 1.3249, further resistance is found at 1.3290 and the pairs 100-week moving average, at 1.3323.

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