STERLING STILL BEARISH BELOW 1.3400 LEVEL
The British pound has again failed to find buying interest above the key 1.3400 technical level against the U.S dollar. The GBPUSD pair has tumbled back towards the 1.3360 support level, following another UK Conservative Party scandal overnight. Damian Green, has been sacked as the United Kingdom’s First Secretary of State, further weakening the current British PM Theresa May’s leadership. Traders now look to raft of high-impact macro-economic data coming from the United States later today.
GBPUSD sellers remain in control of the pair while price action trades below the 1.3400 level. Further losses below the 1.3360 level may extend towards the 1.3330 and 1.3300 support regions.
Should price action move back above the 1.3400 level, GBPUSD buyers will regain the upper-hand. Key resistance levels to the upside remain 1.3418 and 1.3444.