The British pound continues to whipsaw against the US dollar, as speculation grows over the whether the United Kingdom will stay in the Customs Union after Brexit. The trading action on the GBPUSD pair this morning has been driven by reports that British PM Theresa May, issued a denial over the UK remaining in the Customs Union after Brexit. Going forward, the 1.3500 level remains key daily support, while the 1.3568 level is the key daily resistance area to watch before 1.3606.
The GBPUSD pair remains bearish while trading below the 1.3500 level. Further losses towards the 1.3458 and 1.3425 levels appear possible.
If GBPUSD buyers continues to hold above the 1.3500 level, buyers may again test towards the 1.3568 and 1.3606 resistance levels.
