The British pound has crashed lower against the U.S dollar, hitting 1.3132, as data showed that United Kingdom Retail Sales dropped 0.9 percent during the month of September. The GBPUSD pair currently trades around the 1.3155 region, with intraday sellers now firmly in control. Traders will now look to upcoming release of U.S economic data, and any news coming out of Brexit negotiations in Brussels.
The GBPUSD pair is likely to come under further selling pressure if price-action moves back below the 1.3146 level. Sellers will then likely target the former price low’s at 1.3132 and 1.3121 level, and the key 1.3080 support level.
Failure to move the GBPUSD pair below the 1.3146 level should lead to buyers then pushing price-action back upwards to test the daily pivot point at 1.3186. Further extended intraday resistance is also found at 1.3200 and 1.3233.
