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.