The British pound continues to slump to fresh monthly trading-lows against the US dollar, as traders sell sterling over Italian contagion fears. The GBPUSD pair has also come under pressure, as UK Prime Minister Theresa May battles with hardline Brexiteers inside the Conservative party. The GBPUSD pair is exposed to selling pressure while trading at current levels, a loss of the 1.3200 level provides the potential for further downside towards 1.3000.
The GBPUSD pair is strongly bearish while trading below the 1.3258 level, key intraday support is located at the 1.3227 and 1.3200 levels.
If the GBPUSD pair moves above the 1.3258 level, we may see price bounce towards the 1.3300 and 1.3355 resistance levels.
