GBPUSD BEARISH AFTER TECHNICAL FAILURE

The British pound has turned lower against the U.S dollar during the European trading session, after a lack of overall buying interest above the 1.4200 technical level encourage sellers. The GBPUSD pair has now fallen back towards the 1.4146 level, with price action also creating a bearish double-top pattern across lower time-frame charts. Sterling traders now look towards a raft of top-tier macroeconomic data releases from the U.S economy, and the key 1.4133 technical support level.

• The GBPUSD pair retains a bearish trading bias below the 1.4200 level, further losses towards the 1.4133 and 1.4087 levels remains possible.

• Should the GBPUSD move above the 1.4200 level, the pairs trading sentiment will shift to bullish. Key resistance is then found at the 1.4244 and 1.4268 levels.