GBPUSD BEARISH WHILST TRADING BELOW 1.4000
The British pound has encountered another choppy trading session against the greenback, with ongoing Brexit news the driving force behind today’s volatile moves. The GBPUSD pair briefly spiked above the key 1.4000 level on UK supportive Brexit news, but was quickly met with another round of strong selling. Price-action is now consolidating around the 1.3970 level, after earlier finding strong technical support from the 1.3930 region.
- The GBPUSD pair is likely to advance higher once the 1.4000 level is clearly breached. Key intraday upside targets remain 1.4036 and 1.4074.
- If the GBPUSD pair moves below the 1.3938 support level, we may see sellers attempt to push price-action towards the 1.3901 level.