The British pound has started to give back recent gains against the US dollar following a strong technical rejection from the 1.2150 level. The recent rejection has also helped to form a large head and shoulders pattern across the lower time frames. Bears now need to force the GBPUSD pair back under the 1.2080 level to turn the intraday sentiment heavily bearish again.
The GBPUSD pair is only bearish while trading below the 1.2080 level, key support is found at the 1.2055 and 1.2000 levels.
If the GBPUSD pair holds above the 1.2080 level, buyers may test towards the 1.2155 and 1.2200 levels.