GBPUSD 1.3100 struggle

The British pound is back under pressure against the US dollar currency, following another heavy rejection from the 1.3100 resistance area. A bearish head and shoulders pattern is warning of a coming price drop in the GBPUSD pair towards the 1.2950 level. To the upside, GBPUSD bulls need to anchor price above the 1.3130 level to encourage a technical test of the 1.3200 level. 

• The GBPUSD pair is only bearish while trading below the 1.3090 level, key support is found at the 1.3000 and 1.2950 levels. 

• If the GBPUSD pair trades above the 1.3090 level, key resistance is found at the 1.3130 and 1.3200 levels