GBPUSD STILL BEARISH BELOW 1.3400 LEVEL
The British pound remains range-bound against the U.S dollar, after briefly spiking higher on better than expected UK GDP data. United Kingdom third quarter gross domestic product came in at 1.7 percent on an annual basis, better than the 1.5 percent forecasted. The GBPUSD pair was however firmly rejected from the 1.3400 level, and now trades back towards 1.3370 region, with price-action increasingly volatile. Traders now look to economic data from the United States, with the range now clearly defined between 1.3360 and 1.3400.
The GBPUSD pair remains bearish while trading below the 1.3400 level, further downside below 1.3360 should lead to further selling towards 1.3330 and 1.3300.
Should price-action on the GBPUSD pair move above the 1.3400 level, buyers are likely to target towards the 1.3418 and 1.3444 resistance levels.