GBPUSD FINDS STRONG TECHNICAL RESISTANCE
The British pound has started to trade lower against the US dollar, after finding strong technical resistance from the 1.2930 level on Tuesday. The GBPUSD pair may start to attract selling interest if buyers fail to push the price back above the 1.2900 resistance level. The MACD and RSI indicators across the four-hour time frame are all starting to turn lower.
The GBPUSD pair is only bullish while trading above the 1.29000 level, key resistance is found at the 1.2930 and 1.2958 levels.
If the GBPUSD pair fails around the 1.2900 level, it is increasingly likely price may correct back towards the 1.2850 and 1.2828 levels.