The British pound has moved below the 1.3400 level against the U.S dollar during the European trading session, hitting 1.3353, after the United Kingdom’s second quarter annual gross domestic product figure was revised lower to just 1.3 percent.
Intraday trading sentiment surrounding the GBPUSD pair is currently bearish, with the pair risking further losses while price-action remains beneath the 1.3400 level.
Despite the GBPUSD pairs sharp decline after today’s negative economic news, solid buying interest from lower levels is still present, with price-action starting to recover bullish momentum.
Furthermore, the GBPUSD pair has so far created a bullish higher daily price low, with buyers coming in just above yesterday’s weekly low, at 1.3443.
Key intraday technical resistance is now found at 1.3400 and the daily pivot point, at 1.3413. Above the 1.3413 level, the pair may find a buying surge towards 1.3443 and 1.3504.
To the downside, a higher time-frame price-close beneath the pairs 200-week moving average, at 1.3363 should trigger further intraday losses towards 1.3343 and 1.3300.
