GBPUSD STRONGLY BEARISH BELOW 1.3765 LEVEL
The British pound has fallen towards the key 1.3765 support level against the U.S dollar, as the European Union showed a hardened stance towards Brexit negotiations with the United Kingdom. The GBPUSD pair quickly fell through the 1.3800 support level yesterday, after the EU’s Chief negotiator Michel Barnier send a draft document presenting the possibility of suspending the UK’s access to the single market. Sterling traders now look towards the release of the United Kingdom’s February Manufacturing PMI and the key 1.3765 technical level.
The GBPUSD pair remains bearish whilst trading below the 1.3765 level, key intraday technical support is now found at the 1.3665 and 1.3612 levels.
Should GBPUSD price-action trade back above the 1.3800 level for an extended period, traders may test towards the 1.3838 and 1.3859 resistance levels.