GBPUSD TESTING PSYCHOLOGICAL 1.3000 LEVEL
The British pound has continued to move lower against the US dollar during the European trading session, following weaker than expected UK GDP data and bearish Brexit headlines. The GBPUSD pair is likely to experience further technical selling if the psychological 1.3000 support level is broken. Sterling traders now await key inflation and consumer confidence data from the US economy.
The GBPUSD pair is strongly bearish while trading below the 1.3000 level, key support is found at the 1.2955 and 1.2866 levels.
If the GBPUSD pair holds above the 1.3000 level, price could correct back towards the 1.3055 and 1.3100 resistance levels.