The British pound is moving lower against the US dollar, following the release of worse than monthly CPI inflation data from the United Kingdom economy. If price trades below the 1.2900 support level the intraday trend for the GBPUSD pair will turn bearish and sellers will likely target the current weekly low. It is also worth noting that price may be forming a complex head and shoulders pattern across the lower time frames.
The GBPUSD pair is only intraday bullish while trading above the 1.2900 level, key technical resistance is now found at the 1.3000 and 1.3090 levels.
If the GBPUSD pair trades below the 1.2900 level, key support is found at the 1.2866 and 1.2836 levels.
