The British pound has declined sharply against the greenback, after earlier hitting 1.4070, following a rebound in the U.S dollar index and a lack of progress with Brexit negotiations between the UK and EU. The GBPUSD pair currently trades around the 1.3960 region, after earlier finding strong support from the 1.3928 technical level. Sterling traders now await a clear break of the 1.3928 to 1.4008 price-range, as the pair searches for direction ahead of new Fed Chair Jerome Powell’s semi-annual testimony before U.S Congress later today.
The GBPUSD pair is bearish whilst trading below the key 1.4008 level, further losses towards the 1.3938 and 1.3901 levels seem possible.
Should GBPUSD price-action break above the 1.4008 level, further advancement towards the 1.4070 and 1.4144 resistance levels appear likely.
