GBPUSD correction underway
The British pound has started to correct towards the 1.3300 level against the US dollar, following multiple technical rejections from the pivotal 1.3375 area. Going forward, the 1.3240 support level could be the intended bearish target before a recovery in the GBPUSD pair takes place. Overall, selling the GBPUSD pair is the preferred strategy until price corrects towards the 1.3200 area.
If the GBPUSD pair trades below the 1.3375 level, key support is found at the 1.3240 and 1.3200 levels.
The GBPUSD pair is only bullish while trading above the 1.3375 level, further upside towards the 1.3430 and 1.3500 levels then seems possible.