GBPUSD STRONGLY BEARISH BELOW 1.3026 LEVEL

The British pound remains under heavy selling pressure against the US Dollar in early Monday-trading, after reports over-the-weekend that the United Kingdom is moving closer to a Brexit no-deal. The GBPUSD pair will likely continue to weaken while trading below the 1.3026 level, as it represents a key former trading-low from last year. Caution is still warranted when selling the GBP/USD pair on a medium-term basis, as the MACD indicator on the daily time frame is pointing to bullish price divergence.

• The GBPUSD pair is strongly bearish while trading below the 1.3026 level, key support is found at the 1.2957 and 1.2880 levels.

• If the GBPUSD pair moves above the 1.3026 level, buyers may target the 1.3044 and 1.3070 resistance levels.