The British pound has fallen sharply lower against the U.S dollar, hitting 1.3091, as the U.S dollar index soars. The GBPUSD pair moved lower in the Asian session, as the U.S Senate passed through the 2018 budget plan, while intraday technical selling accelerated losses when price broke below the 1.3130 level. The pair currently sits around the 1.3095 level, as traders await the release of UK government finance data.
The GBPUSD pair is strongly bearish while trading below the 1.3130 level, a further decline towards the 1.3070 and 1.3030 technical support levels remain likely.
If GBPUSD sellers fail to push price below the 1.3090 level in the Europea session, buyers may try to push price-action back towards the 1.3116 and 1.3130 resistance levels.
