The British pound has started to move back towards the 1.2900 level against the US dollar after bulls failed to hold onto last Friday’s strong gains. Failure to trade above the 1.2960 resistance level is likely to keep the GBPUSD pair on the back foot on an intraday basis. A break below the 1.2870 support level could see the GBPUSD pair tumbling towards the 1.2810 level.
The GBPUSD pair is only bearish while trading below the 1.2960 level, key support is found at the 1.2870 and 1.2810 levels.
The GBPUSD pair is only bullish while trading above the 1.2960 level, key resistance is found at the 1.3000 and 1.3060 levels.