GBPUSD bearish under 1.3130

The British pound has reversed sharply against the US dollar currency, following a major technical sell-off from the 1.3250 area. The medium-term technical show that the GBPUSD pair could decline towards the 1.2900 level if a breakout below the 1.3040 level takes place. Overall, the GBPUSD pair has a strong negative bias while price continues to trade below the 1.3130 level.

• The GBPUSD pair is only bearish while trading below the 1.3130 level, key support is found at the 1.3040 and 1.2900 levels.
• The GBPUSD pair is only bullish while trading above the 1.3130 level, key resistance is found at the 1.3120 and 1.3260 levels.