The British pound is attempting to recover higher against the US dollar currency after the pair briefly fell below its trend defining 200-day moving average. According to technical analysis, multiple daily price closes below the 1.2680 level are required to change the overall bullish trend. Lower time frame analysis shows that a head and shoulders pattern is warning of deeper losses towards the 1.2500 level.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2680 and 1.2650 levels.
If the GBPUSD pair trades above the 1.2900 level, key resistance is found at the 1.2950 and 1.3000 levels
