The British pound has quickly given back intraday gains against the U.S dollar, as buyers again failed to move price-action above the key 1.4000 level this morning. Sterling earlier traded as high as 1.3994, before strong technical selling saw the pair dropping sharply to the 1.3904 technical level. Price-action now trades back above the pivotal 1.3938 level, with Brexit news and the U.S dollar index now driving the current trading sentiment surrounding the GBPUSD pair.
The GBPUSD pair only retains an intraday bullish bias whilst trading above the 1.3938 level, key intraday resistance is now found at the 1.3994 and 1.4008 levels.
Should GBPUSD price-action hold below the 1.3938 level on a higher-time frame basis, a further decline towards the 1.3901 and 1.3873 levels seems likely.
