GBPUSD gives back gains as Brexit euphoria fades

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The British pound sterling is down over 0.6% on Monday. The declines come following last week’s rebound above the 1.3506 level of support.

But as the trade deal euphoria fades, prices are drifting lower. As a result, the cable is likely to continue pushing lower.

The next key level of support comes in at 1.3210. There is a possibility that the GBPUSD could establish minor support ahead of the decline to 1.3210.

To the upside, a rebound could see the 1.3506 level being tested once again.

If resistance forms here, then we expect to see a possible confirmation of prices heading lower.

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