The British pound has turned sharply lower against the U.S dollar, as Brexit frustrations and a dovish Mario Draghi sent sterling lower alongside the euro. The GBPUSD pair has quickly slumped back towards the 1.3800 region, after repeated price failures around the 1.3900 technical level. Moving into today’s European trading session, we see the release of key UK Manufacturing data, whilst sellers are increasingly looking to towards the key 1.3765 support level.
The GBPUSD pair is likely to decline further below the 1.3800 level, sellers will likely target the 1.3765 level with further support at 1.3714 and 1.3660.
If the GBPUSD pair can hold the 1.3800 support area, a technical test of the key 1.3837 and 1.3868 resistance levels seems likely.