The British pound remains under heavy selling pressure against the US dollar in early Monday trading, after reports over the weekend that the United Kingdom is moving closer to a Brexit no-deal.
The GBPUSD pair will likely continue to weaken while trading below the 1.3026 level, as it represents a key former trading low from last year. Caution is still warranted when selling the GBPUSD pair on a medium-term basis, as the MACD indicator on the daily-time frame is pointing to bullish price divergence.
The GBPUSD pair is strongly bearish while trading below the 1.3026 level, key support is found at the 1.2957 and 1.2880 levels.
If the GBPUSD pair moves above the 1.3026 level, buyers may target the 1.3044 and 1.3070 resistance levels.
The GBPUSD pair will likely continue to weaken while trading below the 1.3026 level, as it represents a key former trading low from last year. Caution is still warranted when selling the GBPUSD pair on a medium-term basis, as the MACD indicator on the daily-time frame is pointing to bullish price divergence.
The GBPUSD pair is strongly bearish while trading below the 1.3026 level, key support is found at the 1.2957 and 1.2880 levels.
If the GBPUSD pair moves above the 1.3026 level, buyers may target the 1.3044 and 1.3070 resistance levels.