GBPUSD News driven
The British pound is reversing lower against the US dollar currency after the pair hit a new early-week high, around the 1.3130 resistance level. GBPUSD sellers are back in control while price trades beneath the 1.3000 level, although bears need to break price below the 1.2890 area to encourage further selling. Traders should also be aware that the GBPUSD pair is also being driven by Brexit news today, as negotiations between the UK and EU continues.
If the GBPUSD pair trades above the 1.2890 level, key resistance is found at the 1.3000 and 1.3130 levels.
The GBPUSD pair is only bearish while trading below the 1.2890 level, key support is found at the 1.2770 and 1.2550 levels.