Technical Analysis

GBPUSD Bearish Below 1.3109 Level

Typography

The British pound has moved lower against the U.S dollar, following weaker than expected October inflation data from the United Kingdom. The GBPUSD pair currently trades around the 1.3080 mark, after falling to 1.3075, following a weaker than expected 0.1 percent monthly rise in October CPI in the UK economy. Sterling traders now look to United States inflation data for the next directional move, as the U.S economy releases key CPI and PPI data for October.

The GBPUSD pair remains intraday bearish while trading below the 1.3109 technical level, further declines towards the 1.3061 and 1.3030 support levels seems likely.

Should price-action move above the 1.3109 level, buyers likely force price-action towards the 1.3130 and 1.3168 technical regions.

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