The British pound has fallen to a fresh monthly trading low against the US dollar currency, following a bearish breakout below the 1.2770 support level. Technical analysis shows that a bearish head and shoulders pattern breakout is warning of a coming decline towards the 1.2500 level. To the upside, a break above the 1.2770 level could see the GBPUSD testing the 1.2900 resistance area.
The GBPUSD pair is only bearish while trading below the 1.2950 level, key support is found at the 1.2900 and 1.2770 levels.
If the GBPUSD pair trades above the 1.2950 level, key resistance is found at the 1.3000 and 1.3130 levels