The British pound has started to trade lower against the greenback during the European trading session, as the U.S dollar index continues to move higher. After finding technical resistance from the 1.3563 level this morning, the GBPUSD pair has now fallen back below its key 200-day moving average. Traders are likely to focus on the 1.3500 support level while price trades below the 1.3542 level, which represents the pairs 200-day moving average.
The GBPUSD pair remains strongly bearish while trading below the 1.3542 level, further losses towards 1.3500 and 1.3485 appear likely.
If the GBPUSD pair moves back above the 1.3542 level, buyers may test back towards the 1.3563 and 1.3589 resistance levels.
