GBP/USD extends the breakdown of 1.3200

The downside momentum remains intact around the Sterling at the beginning of the week, with GBP/USD accelerating its break below the 1.3200 support.

GBP/USD hurt by Brexit

The recent ‘Brexit’ vote continue to rattle markets on Monday, with the pair tumbling further after PM D.Cameron has practically ruled out another referendum.

In the meantime, market participants will remain wary on the upcoming EU Commission meeting, where members will discuss the recent events across the Channel ahead of the EU Leaders Summit expected tomorrow.

On the positioning front, and according to the latest CFTC report, speculative net shorts in GBP have climbed to 2-week tops nearly 52K contracts in the week ended on June 21.

GBP/USD levels to consider

As of writing the pair is losing 3.58% at 1.3192 and a break below 1.3152 (low Jun.27) would open the door for 1.3000 (psychological level). On the other hand, the immediate hurdle lines up at 1.3833 (previous 2016 low Feb.29) followed by 1.4004 (low Apr.6) and then 1.4308 (20-day sma).