FURTHER GBPUSD LOSSES EXPECTED BELOW 1.3550
The British pound has fallen sharply against the U.S dollar during the European trading session, as buying in the greenback gathers pace. The GBPUSD pair has so far found interim support around the 1.3513 level, with price-action now consolidating around the 1.3530 region. Technical selling accelerated in the pair after a series of failed attempts towards the 1.3585 level, and a strong move-up in the U.S dollar index towards the 92.60 level. Sterling traders now await the release of the U.S JOLTS job opening report, and key Manufacturing data from the United Kingdom on Wednesday.
The GBPUSD pair is intraday bearish while trading below the 1.3550 technical level, further losses towards the 1.3500 and 1.3468 level seem likely.
Should price-action on the GBPUSD pair move above the 1.3550 level, buyers may push price back towards the 1.3585 and 1.3612 resistance points.