Technical Analysis

GBPUSD Still Bearish Below 1.3400 Level


The British pound continues to trade below the 1.3400 level against the U.S dollar, with the 1.3360 level still acting as strong support. Brexit headlines continue to dominate trading sentiment in the GBPUSD pair, ahead of the G-7 finance minister meeting. Price-action continues to trade in a narrow range between the 1.3360 to 1.3400 levels, as traders remain cautious on being overly long or short the pound. Investors now await the release of the Non-farm payrolls job report on Friday, with expectations shifting to the upside, after yesterday's solid ADP employment report.

The GBPUSD pair is still bearish while trading below the 1.3400 technical level, the 1.3360 level remains the foremost support, with 1.3303 extended weekly support.

Should buyers push price-action above the 1.3400 level, the GBPUSD pair should move back towards the 1.3450 and 1.3510 resistance levels.

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