GBPUSD PROBING KEY TECHNICAL SUPPORT
The British pound is once again testing the 1.2800 support level against the US dollar after buyers failed around the 1.2840 level on Monday. Sellers are likely to test towards the former weekly low, at 1.2785, while buyers need to move price above the 1.2866 resistance level. The RSI and MACD indicator shows that the GBPUSD pair remains extremely oversold on the four-hour time frame.
The GBPUSD pair is strongly bearish while trading below the 1.2800 level, key support is found at the 1.2785 and 1.2730 levels.
If the GBPUSD pair moves above the 1.2840 level, buyers will likely test towards the 1.2866 and 1.2921 resistance levels.