GBPUSD DOWNSIDE STILL INTACT BELOW 1.3550
Downside pressure remains strong in the GBPUSD pair, as buyers failed to gain any traction above the 1.3550 resistance level. Recent intraday rallies in the pair towards the 1.3540 region have been sold-off, as price-action continues to support buying of the U.S dollar. Going forward a clear breach of the 1.3500-1.3550 price-range will determine the next short-term directional move in sterling. In the upcoming European trading session, the United Kingdom economy will release key Manufacturing and Industrial production figures for the month of December.
The GBPUSD pair remains bearish while trading below the 1.3550 technical level, a loss of the 1.3500 support region may lead to a strong sell-off towards the 1.3468 level.
Should price-action on the GBPUSD pair move above the 1.3550 level, buyers will likely push price upwards to test the 1.3585 and 1.3612 resistance levels.