Technical Analysis

GBPUSD Strongly Bearish Below 1.3400 Level

Typography

The British pound has moved to a new weekly price-low against the U.S dollar, hitting 1.3360, as the Brexit stalemate weighs on the pound. The GBPUSD fell through the 1.3400 support level during the European session, sparking a technical sell-off in the pair. Brexit Secretary David Davis has confirmed that the UK and EU have yet to make any further progress, while Theresa May has yet to agree a border deal with the Irish Democratic Union Party. Traders now await the release of the ADP private sector jobs report from the United States economy.

The GBPUSD pair is strongly bearish while trading below the 1.3400 technical level, with sellers likely to test the 1.3303 level if price-action break below the 1.3360 level.

Should buyers push the GBPUSD pair above the 1.3400 technical level again, price-action may gravitate back towards the 1.3450 resistance level.

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