GBPUSD increasingly bearish

The British pound has fallen below key trendline support against the US dollar, with the pair now testing towards the psychological 1.3000 level. The GBPUSD pair has a strong bearish bias while trading below the 1.3040 level and may soon test the major weekly support, at 1.2970. The bearish projection of the triangle pattern on the four-hour time frame extends over three hundred points.

• The GBPUSD pair is heavily bearish while trading below the 1.3040 level, key technical support is found at the 1.2970 and 1.2890 levels

• If the GBPUSD pair trades above the 1.3040 level, buyers may test towards the 1.3090 and 1.3110 resistance levels.