The British pound is back under pressure against the US dollar, following a bearish reversal back inside the pairs former weekly price range. Technical analysis shows that due to the false breakout, the GBPUSD pair could slip towards the 1.2850, and possibly lower. To the upside, a quick recovery above the 1.3000 level is now needed to encourage technical buyers to test towards the 1.3100 level.
If the GBPUSD pair trades above the 1.3000 level, key resistance is found at the 1.3100 and 1.3140 levels.
The GBPUSD pair is only bearish while trading below the 1.3000 level, key support is found at the 1.2910 and 1.2850 levels.
