GBPUSD STRUGGLING WITH 1.2800 RESISTANCE LEVEL
The British pound is trading back towards the 1.2800 resistance level against the US dollar after sellers failed to move price below key trendline support, at 1.2750 level. The next short-term directional move in the GBPUSD pair will likely come from a clear break from the 1.2750 to 1.2850 price range. Overall, the sentiment towards sterling remains bearish, despite minor corrective moves higher.
The GBPUSD pair is strongly bearish while trading below the 1.2750 level, key technical support remains at the 1.2695 and 1.2662 levels.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2882 and 1.3000 levels.