GBPUSD Another rejection

The British pound has suffered yet another upside rejection from the 1.3700 level against the US dollar, placing the short-term bullish trend in question. Another major concern for GBPUSD buyers is the US dollar index, which could breakout higher at any moment. Overall, multi-day weakness below the technically important 1.3650 level is likely to encourage GBPUSD bears this week.

• The GBPUSD pair is only bullish while trading above the 1.3650 level, key resistance is found at the 1.3690 and the 1.3750 levels.

• If the GBPUSD pair trades below the 1.3650, sellers may test the 1.3600 and 1.3540 support levels.