GBPUSD CORRECTING FROM OVERBOUGHT CONDITIONS
The British pound is now starting to correct lower against the US dollar, after finding strong technical resistance above the 1.2900 level. The MACD indicator is also starting to trend lower on the lower time frames, adding validity to move lower. The GBPUSD pair still retains an intraday bullish bias while price trades above the 1.2845 level.
The GBPUSD pair is only bullish while trading above the 1.2845 level, key resistance is now found at the 1.2925 and 1.2958 levels.
If the GBPUSD pair moves below the 1.2845 level, key intraday support is found at the 1.2800 and 1.2775 levels.