The GBPUSD pair has suffered a heavy sell-off against the US dollar currency after a new mutation of the COVID-19 virus was found in the United Kingdom. Technical analysis shows that an extremely large bearish pattern will form if the GBPUSD pair reaches the 1.3130 level. According to technical analysis, a 500 point decline could take place if the GBPUSD pair falls below the 1.3130 level.
The GBPUSD pair is only bullish while trading above the 1.3300 level, key resistance is found at the 1.3550 and the 1.3630 levels.
If the GBPUSD pair trades below the 1.3300, sellers may test the 1.3130 and 1.2770 support levels.
