The British pound is at risk of a deeper pullback against the US dollar as the pair repeatedly struggles to move above the 1.4200 resistance level. A head and shoulders pattern will be activated across the lower time frames if the price holds below the 1.4100 level. According to the overall size of the bearish price pattern the GBPUSD pair could fall towards the 1.3860 support area.
The GBPUSD pair is only bullish while trading above the 1.4100 level, key resistance is found at the 1.4200 and the 1.4240 levels.
If the GBPUSD pair trades below the 1.4100, sellers may test the 1.4000 and 1.3960 support levels.
