The British pound has started to retreat back below the key 1.3500 level against the US dollar, as the greenback continues to move higher across the board on Wednesday. The GBPUSD pair had made a strong technical bounce from the 1.3458 level on Tuesday, but soon found strong resistance from the 1.3525 level. Traders now look for continued sterling losses below the 1.3500 level, with further heavy declines likely below the 1.3458 level.
The GBPUSD pair is strongly bearish while trading below the 1.3500 level. Key support is now located at 1.3458 and 1.3425 levels.
If the GBPUSD pair starts to trade above the 1.3500 level, buyers may be encouraged to test towards the 1.3525 and 1.3553 levels.
