STERLING STILL STRUGGLING WITH 1.4000 LEVEL
The British pound has quickly given back intraday gains against the U.S dollar, as buyers again failed to move price-action above the key 1.4000 level this morning. Sterling earlier traded as high as 1.3994, before strong technical selling saw the pair dropping sharply to the 1.3904 technical level. Price-action now trades back above the pivotal 1.3938 level, with Brexit news and the U.S dollar index now driving the current trading sentiment surrounding the GBPUSD pair.
- The GBPUSD pair only retains an intraday bullish bias whilst trading above the 1.3938 level, key intraday resistance is now found at the 1.3994 and 1.4008 levels.
- Should GBPUSD price-action hold below the 1.3938 level on a higher-time frame basis, a further decline towards the 1.3901 and 1.3873 levels seems likely.