GBPUSD further downside expected
The British pound is under heavy downside pressure against the US dollar, with the pair now trading at its weakest level in over eight weeks. The GBPUSD pair is heavily bearish while trading below the 1.2960 level and is likely to fall towards the 1.2880 level. The four-hour time frame is showing a large head and shoulders pattern, with the GBPUSD pair now trading below the neckline.
The GBPUSD pair is bearish while trading below the 1.2960 level, key support is found at the 1.2880 and 1.2840 levels.
If the GBPUSD pair trades above 1.2960 level, key intraday resistance is found at the 1.2975 and 1.3000 levels.