The British pound is back under selling pressure against the greenback, as traders continue to sell the recent corrective move higher towards the 1.2800 level. A clear breach of the 1.2700 level exposes further downside in the GBPUSD pair towards the 1.2657 support level. Overall, the general trend remains bearish with traders continuing to watch the large head and shoulders pattern across the lower time frames.
The GBPUSD pair is strongly bearish while trading below the 1.2700 level, key technical support is found at the 1.2657 and 1.2550 levels.
If the GBPUSD pair trades above the 1.2739 level, key resistance is found at the 1.2770 and 1.2800 levels.
