GBPUSD watching 1.3040
The British pound has suffered another upside failure against the US dollar currency as bulls repeatedly struggle to overcome the 1.3140 area. A breakout under the technically important 1.3040 level could encourage technical selling towards the 1.2900 area. Lower time frame analysis also shows that the neckline of a bearish head and shoulders pattern is located around the 1.3040 level.
The GBPUSD pair is only bearish while trading below the 1.3040 level, key support is found at the 1.2950 and 1.2900 levels.
The GBPUSD pair is only bullish while trading above the 1.3040 level, key resistance is found at the 1.3140 and 1.3180 levels.