The British pound has moved lower against the U.S dollar, hitting 1.3418, before recovering, as the UK failed to reach a Brexit deal with the EU on Monday. British Prime Minister has until December 15th to finalize a deal with the European Union, and now needs to work with the Northern Irish coalition party leader, to find a solution to border issues. GBPUSD price-action currently holds above the 1.3450 level, although bearish pressure is mounting on sterling. Traders now look to the release of the UK Services PMI for the month of November, for the next directional move in the pair.
The GBPUSD pair is bullish while trading above the 1.3450 technical level. Further upside towards 1.3510 and 1.3549 appears possible.
A higher time-frame close below the 1.3450 level, may lead to a sell-off towards the 1.3400 and 1.3360 support regions. Extended weekly GBPUSD support is found at the 1.3303 level.