GBPUSD STRONGLY BEARISH BELOW 1.3892 LEVEL
The British pound has slumped to a new weekly low against the U.S dollar, hitting 1.3820 during the European trading session, following much weaker than expected UK data and renewed strength in the greenback. The GBPUSD pair saw strong technical selling immediately following worse than expected monthly UK Trade, Industrial Production and Manufacturing numbers. Going forward, RSI and Momentum indicators are currently pointing down, as downside pressures build as we move into the U.S trading session.
The GBPUSD pair remains bearish while trading below the 1.3892 level, further losses towards 1.3800 and 1.3775 now appears likely.
Should the GBPUSD pair move above the 1.3892 level, we may see a relief rally towards the 1.3982 and 1.4000 levels.