GBPUSD On the defensive
The British pound has opened the new trading week with a cautious tone against the US dollar currency, as Brexit talks are set to resume this week. Technical analysis shows that sustained weakness below the 1.3000 level could cause the GBPUSD pair to weaken towards the 1.2800 support area. Any positive news surrounding Brexit negotiations could open the upside in the GBPUSD pair substantially, with bulls targeting the 1.3300 area.
If the GBPUSD pair trades above the 1.3000 level, key resistance is found at the 1.3100 and 1.3160 levels.
The GBPUSD pair is only bearish while trading below the 1.3000 level, key support is found at the 1.2900 and 1.2800 levels.