The British pound is consolidating ahead of its next major move against the US dollar currency, as traders await the latest Brexit news. Lower time frame analysis shows that GBPUSD intraday sellers are likely to gain momentum if price holds below the pivotal 1.3240 resistance level. To the upside, continued gains above the 1.3240 level could prompt a technical test of the 1.3280 area.
If the GBPUSD pair trades above the 1.3240 level, key resistance is found at the 1.3280 and 1.3310 levels.
The GBPUSD pair is only bearish while trading below the 1.3240 level, key support is found at the 1.3200 and 1.3140 levels.
