The British pound continues to consolidate below the 1.3400 level against the US dollar, ahead of the release of key UK GDP data this morning. GBPUSD buyers are currently struggling to keep price above the 1.3400 level, after a strong rally to towards the 1.3420 level on Thursday. Sterling traders now await the latest revision of Q1 UK GDP and Federal Reserve Chair Jerome Powell’s speech later today.
The GBPUSD pair is only intraday bullish while trading above the 1.3400 level, key technical resistance is located at the 1.3450 and 1.3500 levels.
If the GBPUSD pair continues to fail around the 1.3400 level, we may see sellers move price back towards the 1.3354 and 1.3300 support levels.
