GBPUSD breakout underway
The British pound is under heavy downside side pressure against the US dollar after closing the day below the pivotal 1.3000 level. Traders may start to sell the GBPUSD pair in anticipation of a stronger down move towards the 1.2900 support level. According to technical analysis, weakness under the 1.2960 level will confirm the start of a new short-term bearish trend.
The GBPUSD pair is only bullish while trading above the 1.3000 level, key resistance is found at the 1.3070 and 1.3100 levels.
The GBPUSD pair is only bearish while trading below the 1.3000 level, key support is found at the 1.2960 and 1.2900 levels.