The British pound has started the new trading week under pressure against the US dollar currency, due to an increase in risk-off trading sentiment. A bearish double-top pattern has formed across the lower time frames, although bears may need further confirmation that top is in place. Traders are likely to remain bearish towards the GBPUSD pair on an intraday basis while price trades under the 1.3170 level.
The GBPUSD pair is only bullish while trading above the 1.3170 level, key resistance is found at the 1.3240 and 1.3270 levels.
The GBPUSD pair is only bearish while trading below the 1.3170 level, key support is found at the 1.3040 and 1.2900 levels.
