GBPUSD TURNING BEARISH BELOW 1.3340 LEVEL
The British pound continues to trade around the key 1.3340 level against the U.S dollar, despite a volatile European trading session. The GBPUSD pair spiked towards the 1.3380 level, as UK CPI for the month of November increased more than economists had forecasted, after earlier finding support at the 1.3310 level. Sellers soon pushed price-action back towards the 1.3340 level, despite the highest UK CPI reading since March 2012. Sterling traders now await the release of PPI inflation data from the American economy, during the upcoming U.S session.
The GBPUSD pair will again become intraday bearish while trading below the 1.33400 level, further downside towards the 1.3300 and 1.3268 levels now seems possible.
Should GBPUSD buyers hold price-action above the 1.3340 technical level, further buying towards the 1.3380 and 1.3398 resistance levels remains possible.