GBPUSD BEARS IN CONTROL BELOW 1.3360 LEVEL
The British pound remains under selling pressure against the U.S dollar, after dropping sharply on Friday towards the 1.3300 support level. Pound sentiment faded quickly, following confirmation that the UK and EU Brexit negotiations will move to the next stage, in March 2018. Price-action has now recovered towards the 1.3330 area, with the GBPUSD pair holding 1.3300 support. Going forward, U.S Politics and global CPI figures are likely to be the main market movers for the pair this, as we head into the Christmas holiday period.
GBPUSD sellers retain control of the pair while price-action holds below the 1.3360 technical level. Downside targets for sellers remain the 1.3300 and 1.3267 levels.
Should price-action move above the 1.3360 technical level for a sustained period, further buying towards the 1.3400 level remains likely for the GBPUSD pair.