GBPUSD still vulnerable
The British pound remains vulnerable to further losses against the US dollar this week after being strongly rejected from the 1.3100 resistance level on Friday. GBPUSD traders should note that continued losses below the 1.3000 level may lead to a decline towards the 1.2900 support level. Overall, fading any rallies in the GBPUSD pair remains the preferred weekly trading strategy at this stage.
The GBPUSD pair is only bullish while trading above the 1.3100 level, further upside towards the 1.3155 and 1.3210 levels then seems possible.
If the GBPUSD pair trades below the 1.3100 level, key support is found at the 1.3000 and 1.2900 levels.