GBPUSD UNDER TECHNICAL PRESSURE
The British pound has continued to slide lower against the US dollar in early Monday trade, with price fast approaching the 1.2900 support level. The GBPUSD pair will likely remain under heavy intraday selling technical pressure while trading below the 1.2955 level. The Moving Average Convergence Divergence indicator across the four-hour time frame is trending lower, pointing to further losses.
The GBPUSD pair is strongly bearish while trading below the 1.2955 level, key technical support is now found at the 1.2900 and 1.2866 levels.
If the GBPUSD pair trades above the 1.2955 level, buyers may target the 1.3000 and 1.3055 resistance levels.