GBPUSD MEDIUM-TERM BEARISH BELOW 1.3665 LEVEL
The British pound continues to trade to the downside against the U.S dollar, after weaker than expected UK Manufacturing data caused the pair to tumble below the 1.3600 level. The GBPUSD pair currently trades just above the 1.3600 level, after finding interim technical support from the 1.3587 level, following Tuesday’s large decline. Traders now look towards more important economic data from the United Kingdom, with UK Services and Construction PMI data set to be released during the European trading session.
The GBPUSD pair is strongly bearish while trading below the 1.3655 level, further losses towards 1.3587 and 1.3550 remain likely.
If the GBPUSD pair moves back above the 1.3655 level, buyers may push price-action back towards the 1.3710 level.