GBPUSD UNDER BEARISH SELLING PRESSURE
The British pound has remained under selling pressure against the U.S dollar during the European trading session, as intraday buyers failed to make headway above the key 1.3897 technical level. The GBPUSD pair currently trades around the 1.3880 level, with price-action likely to encounter further heavy selling below the current weekly price low, found at the 1.3857 level. Moving into Wednesday’s U.S trading session, the release of the U.S CORE PCE Index for February takes center stage, as it remains the Federal Reserve preferred measure of inflation.
The GBPUSD pair remains intraday bearish whilst trading below the key 1.3897 level, further losses towards the 1.3858 and 1.3765 levels seem possible.
A sustained move above the 1.3897 level, may lead to further GBPUSD upside towards the 1.3921 and 1.3938 resistance levels.