The British pound has fallen sharply lower against the US dollar after Chief EU Negotiator Michel Barnier rejected a key part of the United Kingdom’s Brexit trade proposal. The GBPUSD pair is now testing key support and is likely to weaken even further if the price falls below the 1.3101 level. Sellers will try to target the 1.3000 support level, while buyers will try to stabilize price back above the 1.3177 level.
The GBPUSD pair is strongly bearish while trading below the 1.3101 level, key support is now found at the 1.3050 and 1.3000 levels.
If the GBPUSD pair holds above the 1.3101 level, buyers may test towards the 1.3177 and 1.3211 resistance levels.
