The British pound remains under heavy selling pressure against the US Dollar, ahead of today’s key interest rate decision from the Bank of England. The GBPUSD pair is likely to weaken further below the 1.3070 level, as it marks a head and shoulders neckline break. Sellers are likely to target the 1.3000 level, while buyers need to stabilize price above the 1.3205 resistance level.
The GBPUSD pair is strongly bearish while trading below the 1.3070 level, key support is now found at the 1.3000 and 1.2958 levels.
If the GBPUSD pair trades above the 1.3101 level, buyers are likely to target the 1.3205 and 1.3245 resistance levels.
