GBPUSD bears in control

The British pound is looking increasingly bearish against the US dollar, following a major technical rejection from the 1.3000 resistance level. Weakness below the 1.2870 level could see the GBPUSD pair tumbling towards the 1.2810 or 1.2770 support zones. Overall, a breakout above the 1.3060 level is needed to confirm that the short-term trend in the GBPUSD pair is no longer bearish.

• The GBPUSD pair is only bearish while trading below the 1.3060 level, key support is found at the 1.2810 and 1.2770 levels. 

• The GBPUSD pair is only bullish while trading above the 1.3060 level, key resistance is found at the 1.3100 and 1.3150 levels.