The British pound has moved sharply lower against the US dollar, with price briefly dipping below the important 1.2700 support level. The GBPUSD has also clearly broken under the well-defined wedge pattern, placing heavy technical selling pressure on the pair. It is also worth noting that the price is trading closer to the neckline of a bearish head and shoulders pattern, with a large downside projection.
The GBPUSD pair is strongly bearish while trading below the 1.2758 level, key technical support is found at the 1.2662 and 1.2550 levels.
If the GBPUSD pair trades above the 1.2758 level, key resistance is found at the 1.2800 and 1.2830 levels.
