The British pound is testing towards its weekly pivot point against the US dollar as the greenback comes under mild selling pressure in early week trade. Technical indicators across the daily time frame suggest that the GBPUSD pair still remains weak. A further decline towards the 1.2980 support level remains likely if bulls continue to struggle to move price above the 1.3100 resistance level.
The GBPUSD pair is only bullish while trading above the 1.3100 level, key intraday resistance remains at the 1.3125 and 1.3200 levels.
If the GBPUSD pair trades under the 1.3055 level, key intraday support is found at the 1.2980 and 1.2940 levels.