GBPUSD STRONGLY BEARISH BELOW 1.3985 LEVEL
The British pound has fallen sharply lower against the U.S dollar, hitting 1.3940 in early Tuesday trading, with price-action dropping over two-hundred pips since the Monday. The move lower has been sparked by extreme risk-off sentiment in financial markets, with traders moving into the perceived safety of the U.S dollar. Selling momentum in the GBPUSD is continuing to accelerate as sentiment worsens, volatility in the pair is expected to pick-up as we move into the U.S trading session.
The GBPUSD pair remains strongly bearish while trading below the 1.3985 level, further losses towards 1.3915 and 1.3870 are expected.
Should price-action on the GBPUSD pair start to move above the 1.3985 level, the 1.4058 and 1.4100 levels become the most relevant intraday resistance area.