GBPUSD BEARISH WHILE BELOW 1.4008 LEVEL
The British pound has moved sharply lower against the U.S dollar, hitting 1.3965, after the U.S dollar index climbed to a new five-week trading high. The GBPUSD pair also came under pressure, after the UK released much weaker than expected macroeconomic data for the second consecutive day. Downside pressure are likely to remain on sterling while price trades below the 1.4008 level, with the 1.3965 level remaining the gateway for further losses.
The GBPUSD pair remains bearish whilst trading below the 1.4008 level, key technical support is now found at the 1.3960 and 1.3890 levels.
If price-action on the GBPUSD pair moves back above the 1.4008 level, key intraday resistance is found at the 1.4030 and 1.4068 levels.