GBPUSD LOSSES TO EXTEND BELOW 1.3873 LEVEL
The British pound has moved lower against the U.S dollar during the European trading session, hitting 1.3870, following softer than expected fourth fiscal quarter GDP numbers from the United Kingdom. The GBPUSD pair now trades below the key 1.3901 level, with intraday sentiment turning further bearish after fourth quarter UK GDP missed estimates with a +0.4 percent reading. Moving into the U.S trading session, the 1.3873 level remains critical support, with heavy losses expected below this key level.
- The GBPUSD pair remains intraday bearish while trading below the 1.3901 level, critical support is located at the 1.3873 and 1.3835 levels.
- If the GBPUSD trades above the 1.3901 level for an extended period, price may rebound towards the 1.3938 and 1.3968 resistance areas.