The British pound has continued to weaken against the US dollar during the European trading, as concern grows that the United Kingdom may be subject to a rating downgrade. A bearish triangle has occurred on the four-hour time frame, while technical indicators continue to trend lower. A strong downward move is likely to occur if sellers move price under the psychological 1.3000 support level.
The GBPUSD pair is bearish while trading below the 1.3000 level, key technical support is found at the 1.2960 and 1.2940 levels
If the GBPUSD pair trades above the 1.3075 level, buyers may test towards the 1.3095 and 1.3115 resistance levels.
