The British pound currency has started to correct lower against the US dollar, following a fairly steep decline in global stock markets. The GBPUSD pair could test back towards the head of a formerly invalidated head and shoulders pattern, around the 1.3910 level. Traders should be aware that the GBPUSD pair could still rally towards the 1.4100 area while trading above the 1.3910 level.
The GBPUSD pair is only bullish while trading above the 1.3910 level, key resistance is found at the 1.4010 and the 1.4100 levels.
If the GBPUSD pair trades below 1.3910, sellers may test the 1.3890 and 1.3870 support levels.
