The British pound is under increasing downside pressure against the US dollar in early Thursday trade, with the pair now trading at its weakest since February this year. The GBPUSD pair is heavily bearish while trading below the 1.2866 level and could move to test the 1.2772 level. The four-hour time frame is also showing that a large head and shoulders pattern has formed.
The GBPUSD pair is heavily bearish while trading below the 1.2866 level, key support is located at the 1.2810 and 1.2772 levels.
If the GBPUSD pair trades above the 1.2866 level, key intraday resistance is found at the 1.2890 and 1.2920 levels.
