GBPUSD BoE speech incoming

The British pound has started the new trading week on the backfoot against the US dollar, with traders awaiting a scheduled speech from Bank of England Governor Bailey. Technical analysis shows that sellers need to break the 1.3420 support area to change the short-term trend to bearish. To the upside, the 1.3580 resistance level is a potential swing-sell or bullish breakout area this week.

• The GBPUSD pair is only bullish while trading above the 1.3580 level, key resistance is found at the 1.3660 and the 1.3700 levels.

• If the GBPUSD pair trades below the 1.3580, sellers may test the 1.3420 and 1.3300 support levels.