The British pound continues to trade on the back-foot against the U.S dollar, with price-action caught in a narrow range between the 1.3109 and 1.3130 levels. The GBPUSD pair failed to participate in the broad-based sell-off in the U.S dollar index, during today’s European session. Trading sentiment in the British pound remains weak, as delays in Brexit negotiations and UK political wrangling threaten the United Kingdom’s economic outlook. Sterling traders now await the decision from the U.S Senate on the proposed Trump administration tax reforms.
The GBPUSD pair remains strongly bearish while trading below the 1.3130 level. Further declines towards the 1.3086 and 1.3036 levels appear the most likely scenario.
Should the U.S Senate disappoint later today, further upside towards the 1.3200 and 1.3268 levels remains likely.
