Technical Analysis

GBPUSD Still Bearish Below 1.3450 Level


The British pound remains under downside pressure against the U.S dollar, as UK political uncertainty hurts the GBPUSD pair. After falling to 1.3367 on Tuesday, sterling recovered quickly but was swiftly rejected by technical selling around the 1.3450 resistance level, during the U.S session. Price-action on the GBPUSD pair currently trades around the 1.3420 level, ahead of an EU press conference later today. The press conference will be discussing the progress made on the UK and EU on Brexit negotiations, with the Irish border issue remaining a contentious issue.

Should the GBPUSD pair move below the 1.3400 level, further downside towards the 1.3360 and 1.3303 levels appears likely.

If GBPUSD buyers can hold price-action above the 1.3450 technical level again, further upside towards the 1.3510 and 1.3549 levels seems most likely.

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