The British pound has come under further downside pressure against the US dollar during the European trading session despite better than expected United Kingdom Retail Sales data. The GBPUSD pair has now moved below the neckline of the head and shoulders pattern. GBPUSD sellers are now likely to target a technical breakout below the important 1.2985 support level.
The GBPUSD pair is bearish while trading below the 1.3030 level, key support is found at the 1.2985 and 1.2940 levels.
If the GBPUSD pair trades above 1.3030 level, key intraday resistance is found at the 1.3065 and 1.3100 levels.