GBPUSD bearish pattern

The British pound remains under downside pressure against the US dollar on Tuesday, with a bearish reversal pattern forming across the lower time frames. Current short-term technical analysis shows that the GBPUSD pair could fall towards the 1.2310 region if the 1.2385 level is broken. A sustained move above the 1.2510 level should be taken as a bullish sign for the currency pair.

• The GBPUSD pair is bearish while trading below the 1.2510 level, key support is found at the 1.2385 and 1.2310 levels.

• If the GBPUSD pair trades above the 1.2510 level, key resistance is found at the 1.2580 and 1.2610 levels.