The British pound has fallen to its lowest trading level of 2018 so far against the US Dollar during the European trading session, as the previously mentioned head and shoulders pattern unfolds. The GBPUSD pair currently trades close to the 1.2900 support level, whilst the full downside projection of the bearish head and shoulders extends towards the 1.2750 support level.
The GBPUSD pair is strongly bearish while trading below the 1.2900 level, key support is now found at the 1.2880 and 1.2840 levels.
If the GBPUSD pair does moves above the 1.2955 level, key resistance is then now found at the 1.2975 and 1.3000 levels.
