The British pound is back under pressure against the US dollar after suffering a heavy technical rejection from the 1.3840 area yesterday. Selling pressure is expected to increase towards the GBPUSD pair if bears can hold the price below the 1.3780 support area. Traders should note that the 1.3780 level is the neckline of a large head and shoulders pattern across multiple time frames.
The GBPUSD pair is only bullish while trading above the 1.3780 level, key resistance is found at the 1.3840 and the 1.3890 levels.
If the GBPUSD pair trades below the 1.3780, sellers may test the 1.3670 and 1.3500 support levels
