GBPUSD TESTING WEDGE SUPPORT
The British pound has moved sharply lower against the US dollar during the European session, as UK political concerns weigh on sterling sentiment. The GBPUSD pair is now testing critical trendline support from the wedge pattern on the four-time frame. A clear break below the wedge pattern will likely trigger further technical selling towards the 2018 trading low, at 1.2662.
The GBPUSD pair is strongly bearish while trading below the 1.2750 level, key technical support is found at the 1.2695 and 1.2662 levels.
If the GBPUSD pair trades above the 1.2775 level, key resistance is found at the 1.2810 and 1.2857 levels.