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.