GBPUSD WATCHING BEARISH PATTERN
The British pound has started to move above the 1.3100 level against the US dollar, despite much weaker than expected Retail Sales data from the United Kingdom economy. In the medium-term, the GBPUSD pair remains intraday bearish while trading below the 1.3155 level. In the short-term, a bearish head and shoulders pattern is emerging across the lower time frames.
The GBPUSD pair is strongly bearish while trading below the 1.3080 level, key support is now found at the 1.3033 and 1.3000 levels.
If the GBPUSD pair moves above the 1.3155 level, buyers are increasingly likely to test the 1.3200 resistance level.