STERLING BREAKS LOWER
After a period of consolidation, the British pound has finally moved lower against the U.S dollar, with GBPUSD pair breaking below key channel-support, with price moving to a seven-day low, hitting 1.3418.
In early Tuesday trading, the GBPUSD pair managed a timid rally towards 1.3515, before sellers moved in to push prices sharply lower.
Sterling is now approaching strong support from the 50 percent Fibonacci retracement of the September 14th BOE price-low, to the 2017 price high, located at 1.3405.
Going forward, the British pound may trade in lock-step with euro, as both come under intense pressure from intraday U.S index strength.
To the upside, key intraday technical resistance is now found at 1.3445, 1.3368 and the uptrend channel-top at 1.3389.
Key intraday technical GBPUSD support is located at 1.3405, 1.3380,1.3363 and 1.3320.