Cable took a turn for the worse on Monday following Brexit Secretary David Davis’ resignation. How is the pair now trading? Gain insight into today’s 10 July GBPUSD Technical Analysis.
11 July, OctaFX – The British pound has fallen sharply lower against the US dollar, hitting 1.3188, after the British Foreign Secretary Boris Johnson resigned from the Conservative party in protest of British Prime Minister Theresa May’s soft Brexit plan.
The GBPUSD pair had looked increasingly bullish prior to the news of Boris Johnson’s resignation, soaring to 1.3361. Sterling sellers will need to hold price below the 1.3205 level for further intraday selling, while buyers will look to stabilize price back above the 1.3255 level.
10 July GBPUSD Technical Analysis
- The GBPUSD pair is only bullish while trading above the 1.3255 level, key resistance is found at the 1.3313 and 1.3361 levels.
- If the GBPUSD pair trades below the 1.3205 for a sustained period, selling towards the 1.3142 and 1.3101 levels seems possible.
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