GBPUSD Still bearish

The British pound remains under pressure against the US dollar currency over fears that the UK lockdown could extend beyond four-weeks. GBPUSD sellers need to hold price below the 1.2890 level to activate a large head and shoulder pattern on the lower time frames. Overall, the GBPUSD pair is expected to weaken towards the 1.2700 area while price trades under the 1.2890 level.

• If the GBPUSD pair trades above the 1.2890 level, key resistance is found at the 1.2940 and 1.2960 levels.

• The GBPUSD pair is only bearish while trading below the 1.2890 level, key support is found at the 1.2770 and 1.2800 levels.