GBPUSD downside pressure building
The British pound has come under further selling pressure against the US dollar during the European trading session, following recent reports that British PM Theresa May is set to cancel Tuesday’s Brexit vote. The GBPUSD pair looks increasingly weak and is starting to fall below the neckline of a bearish head and shoulders pattern. The 1.2900 level currently offers the strongest form of technical support below the 1.2975 level.
The GBPUSD pair is heavily bearish while trading below the 1.2975 level, key technical support remains at the 1.2900 and 1.2840 levels
If the GBPUSD pair trades back above the 1.2975 level, buyers may test towards the 1.3000 and 1.3015 resistance levels.