GBPUSD bears targeting 1.2940

The British pound currency has opened the new trading week under pressure against the US dollar following a bearish weekly price close below the 1.2985 level. The 1.2940 level is the next downside target for sellers, with the 1.2880 level the overall downside objective. Only a sustained move above the 1.3030 level can negate intraday selling pressures surrounding the GBPUSD pair.

• The GBPUSD pair is heavily bearish while trading below the 1.2985 level, key support is found at the 1.2940 and 1.2880 levels.

• If the GBPUSD pair trades above 1.2985 level, key intraday resistance is found at the 1.3000 and 1.3030 levels.