The British pound has continued to trade on the backfoot against the U.S dollar during Tuesday’s European trading session, as sterling traders remain cautious ahead FED Chair Jerome Powell’s testimony to U.S Congress. The GBPUSD has so far found strong intraday support from the key 1.3938 level, with price-action currently holding around the 1.3960 region. Traders are increasingly watching the pairs fifty-day moving average, which the GBPUSD has remained above since November 20th, 2017.
The GBPUSD pair remains bearish whilst trading below the 1.3938 level, further downside towards 1.3870 and 1.3792 seems possible.
Should GBPUSD price-action move back above the 1.4008 level, buyers are likely to test towards the 1.4070 and 1.4144 resistance levels.
