The British pound has continued to fall against the US dollar during the European trading session as the pair moves closer to a major technical meltdown. Weakness below the 1.2960 level should trigger heavy GBPUSD selling towards the 1.2900 support level. Overall, selling any moves back towards the 1.3000 resistance level still appears to be the best intraday strategy.
The GBPUSD pair is only bearish while trading below the 1.3000 level, key support is found at the 1.2960 and 1.2900 levels.
The GBPUSD pair is only bullish while trading above the 1.3000 level, key resistance is found at the 1.3070 and 1.3100 levels.
