FURTHER POUND SELLING BELOW 1.3070
The British pound continues to fall sharply against the U.S dollar, with price-action hitting 1.3040, during late Thursday trading. The GBPUSD pair currently trades around the 1.3060 level, with the U.S dollar index remaining well supported after the announcement of the new FED Chair Jerome Powell and the Trump administration tax plan. Traders now await the release of the U.S Nonfarm payrolls job report.
Further GBPUSD selling pressure should remain while price-action trades below the 1.3070 technical level. Sellers will likely target the 1.3040 and 1.3023 support levels.
Should price-action trade above the 1.3070 level for a sustained period, a relief-rally towards the 1.3130 and 1.3200 resistance remains possible.