GBPUSD Breaking Down

The British pound is continuing to break to the downside against the US dollar currency as bulls are nowhere to be seen on Wednesday. The next major bout of weakness in the GBPUSD pair will come if sellers are able to break the 1.3780 support level. Any corrective moves back towards the 1.3850 resistance zone may be seen as a selling opportunity by short-term bears.

The GBPUSD pair is only bullish while trading above the 1.3850 level, key resistance is found at the 1.3890 and the 1.3930 levels.

If the GBPUSD pair trades below 1.3850, sellers may test the 1.3780 and 1.3710 support levels.