The British pound has started the trading week on the back foot against the US dollar as the chances of a no-deal Brexit have significantly increased. Technical analysis highlights that the GBPUSD pair could fall towards the 1.2990 level if the 1.3160 level is broken. To the upside, gains above the 1.3300 level could cause a short squeeze in the GBPUSD pair towards the 1.3410 area.
If the GBPUSD pair trades above the 1.3300 level, key resistance is found at the 1.3410 and 1.3550 levels.
The GBPUSD pair is only bearish while trading below the 1.3300 level, key support is found at the 1.3160 and 1.3090 levels.
