GBPUSD testing trendline support
The British pound has moved sharply lower against the US dollar after the United Kingdom Construction PMI came in much weaker than expected for the month of January. The GBPUSD pair is now testing key trendline support, while technical indicators are also starting to turn down across the lower time frames. A sustained break below the key trendline exposes further losses towards the 1.3000 support level.
The GBPUSD pair is bearish while trading below the 1.3050 level, key technical support is found at the 1.3000 and 1.2970 levels
If the GBPUSD pair trades above the 1.3090 level, key resistance remains at the 1.3130 and 1.3170 levels.