The British pound has reversed sharply against the US dollar currency, following a major technical sell-off from the 1.3250 area. The medium-term technical show that the GBPUSD pair could decline towards the 1.2900 level if a breakout below the 1.3040 level takes place. Overall, the GBPUSD pair has a strong negative bias while price continues to trade below the 1.3130 level.
The GBPUSD pair is only bearish while trading below the 1.3130 level, key support is found at the 1.3040 and 1.2900 levels.
The GBPUSD pair is only bullish while trading above the 1.3130 level, key resistance is found at the 1.3120 and 1.3260 levels.
