GBPUSD SELLERS BACK IN CONTROL
The British pound is back under pressure towards the 1.2900 level against the greenback after a stronger than expected US jobs figure provoked US dollar buying. The bearish head and shoulder pattern is still valid across the lower time frames, despite Friday’s brief spike above the 1.3000 level. Sterling traders now look to the release of GDP, Manufacturing and Industrial production data from the United Kingdom economy.
The GBPUSD pair is bearish while trading below the 1.2900 level, key support is found at the 1.2863 and 1.2802 levels.
If the GBPUSD pair moves above the 1.2900 level, key technical resistance is found at the 1.2955 and 1.2985 levels.