GBPUSD bearish reversal
The British pound has reversed sharply from the 1.2687 level against the US dollar after yet more weak economic data from the United States economy. The move higher in the GBPUSD pair has also helped to complete the bearish head and shoulders pattern on the four-hour time frame. Overall, sellers need to move price back under the 1.2600 level to trigger the bearish pattern.
The GBPUSD pair is bearish while trading below the 1.2655 level, key support is located at the 1.2600 and 1.2550 levels.
If the GBPUSD pair holds trades the 1.2655 level, key intraday resistance is found at the 1.2687 and 1.2747 levels.