The British pound has continued to move lower against the greenback, as the U.S dollar index strengthened across the board following Fed Chair Jerome Powell’s Congressional Testimony on Tuesday. The GBPUSD currently trades around the 1.3890 level, after earlier finding strong support from the former weekly price-low around the 1.3850 level. Price-action is currently testing the pairs key fifty-day moving average, at 1.3897, as it remains a pivotal technical level for traders.
The GBPUSD pair is strongly bearish whilst trading below the key 1.3897 level, further losses towards the 1.3858 and 1.3765 levels remains likely.
Should GBPUSD price-action move back above the 1.3897 level, buyers may test towards the 1.3938 and 1.4008 resistance levels.
