GBPUSD ready to drop
The British pound is looking increasingly weak against the US dollar currency, following a heavy technical rejection from the 1.3140 area yesterday. The GBPUSD pair could start to decline towards the 1.2950 area if bulls fail to anchor price back above the 1.3100 level today. Traders that are medium-term bullish towards the pair may look to enter into the bullish trend from a better entry point below the 1.3000 level.
The GBPUSD pair is only bullish while trading above the 1.3110 level, key resistance is found at the 1.3140 and 1.3200 levels.
The GBPUSD pair is only bearish while trading below the 1.3110 level, key support is found at the 1.3000 and 1.2950 levels.