GBPUSD BEARISH PATTERN STILL VALID
The British pound is starting to consolidate around key resistance against the greenback, ahead of the release of the United States Non-farm payrolls job report. The bearish head and shoulders pattern remains valid at current levels, with a move above the 1.3000 level needed to negate the bearish pattern. Sellers will attempt to break the 1.2863 level, while buyers will try to attack the 1.2985 level.
The GBPUSD pair is only bearish while trading below the 1.2863 level, key support is now found at the 1.2800 and 1.2875 levels.
If the GBPUSD pair moves above the 1.2985 level, buyers are likely to target the 1.3000 and 1.3040 resistance levels.