GBPUSD LOWER AFTER TECHNICAL FAILURE
The British pound has started to drift lower against the US dollar, after buyers failed to hold price above the key 1.3600 level on Monday. The GBPUSD pair was sold aggressively from the 1.3606 level during yesterday’s US session, and has so far found daily technical support from the 1.3523 level. During the European session, the pair failed to react to important UK economic data, and traders now look towards key Retail Sales figures from the US economy.
The GBPUSD pair remains bearish while trading below the 1.3600 level. Key support remains at the 1.3523 and 1.3501 levels.
If the GBPUSD pair starts to trade above the 1.3600 level, buyers may be encouraged to test towards the 1.3650 and 1.3700 levels.