GBPUSD Drops as Brexit Trade Concerns Mount

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The British pound sterling was trading rocky on Monday as prices were in a steady decline since morning.

This comes as the UK and the EU continue with the post-Brexit trade talks which have failed. The GBPUSD fell, as a result, briefly slipping below the 1.3300 level of support.

However, price recovered off the lows before managing to close above this level once again.

For the moment, it seems like the 1.3300 level will hold out as support. But if price breaches this level, then we could expect further declines.

The Stochastics oscillator is currently nearing the oversold levels, which could suggest a possible retracement in the near term.

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