The British pound has reversed lower against the US dollar after briefly spiking towards the 1.2820 region after the UK economy released record low unemployment figures for the month of July. The GBP/USD pair risks further losses if the price falls below the 1.2770 level. The one-hour time frame also appears to show that a potential head and shoulders pattern may be forming after the early false break higher.
The GBPUSD pair is bearish while trading below the 1.2770 level, key support is found at the 1.2720 and 1.2700 levels.
If the GBPUSD pair moves above the 1.2800 resistance level, key intraday resistance is found at the 1.2820 and 1.2850 levels.
