GBPUSD 1.2500 possible

The British pound has fallen to a fresh monthly trading low against the US dollar currency, following a bearish breakout below the 1.2770 support level. Technical analysis shows that a bearish head and shoulders pattern breakout is warning of a coming decline towards the 1.2500 level. To the upside, a break above the 1.2770 level could see the GBPUSD testing the 1.2900 resistance area.

• The GBPUSD pair is only bearish while trading below the 1.2950 level, key support is found at the 1.2900 and 1.2770 levels. 

• If the GBPUSD pair trades above the 1.2950 level, key resistance is found at the 1.3000 and 1.3130 levels