The British pound is back under pressure against the US dollar currency, following another heavy rejection from the 1.3100 resistance area. A bearish head and shoulders pattern is warning of a coming price drop in the GBPUSD pair towards the 1.2950 level. To the upside, GBPUSD bulls need to anchor price above the 1.3130 level to encourage a technical test of the 1.3200 level.
The GBPUSD pair is only bearish while trading below the 1.3090 level, key support is found at the 1.3000 and 1.2950 levels.
If the GBPUSD pair trades above the 1.3090 level, key resistance is found at the 1.3130 and 1.3200 levels