GBPUSD triangle watch
The British pound is under pressure against the US dollar on Monday, following a sharp reversal from the 1.3100 resistance level. The GBPUSD pair is trapped within a triangle pattern, with the bottom of the pattern located around the 1.2970 support level. A bearish break under the triangle pattern could cause the GBPUSD pair to come under heavy technical selling pressure towards the 1.2900 level.
The GBPUSD pair is only bullish while trading above the 1.3100 level, key resistance is found at the 1.3190 and 1.3250 levels.
The GBPUSD pair is only bearish while trading below the 1.3100 level, key support is found at the 1.2970 and 1.2900 levels.