GBPUSD Another Rejection

The British pound has suffered yet another upside rejection from the 1.3700 level against the US dollar, placing the short-term bullish trend in question. Another major concern for GBPUSD buyers is the US dollar index, which could breakout higher at any moment. Overall, multi-day weakness below the technically important 1.3650 level is likely to encourage GBPUSD bears this week.

The GBPUSD pair is only bullish while trading above the 1.3650 level, key resistance is found at the 1.3690 and the 1.3750 levels.

If the GBPUSD pair trades below the 1.3650, sellers may test the 1.3600 and 1.3540 support levels.