GBPUSD STILL BEARISH BELOW NECKLINE SUPPORT
The British pound remains pressured against the US Dollar, with price currently unable to move away from an eleven-month trading-low. The GBPUSD pair failed to gain traction above the 1.2955 level on Tuesday, despite the MACD indicator on the four-hour time frame correcting from oversold conditions. Further losses seem increasingly likely while the pair trades below the 1.2955 level, which represents the neckline of a bearish head and shoulders pattern.
The GBPUSD pair remains strongly bearish while trading below the 1.2955 level, key support is found at the 1.2915 and 1.2880 levels.
If the GBPUSD pair moves above the 1.2955 level, key resistance is now found at the 1.2975 and 1.3000 levels.