The British pound trades back towards the 1.3100 level against the US Dollar after traders sold the GBPUSD pair from the 1.3150 level on Monday. Sterling is likely to remain under selling pressure while trading below the 1.3177 level, as it marks a pivotal technical area bulls must break. Sellers will once again attempt to target sustained losses below the 1.3080 level, while buyers will need to break above Monday’s daily-high for further bullish advancement.
The GBPUSD pair is bearish while trading below the 1.3080 level, key support is now found at the 1.3050 and 1.3030 levels.
If the GBPUSD pair holds above the 1.3177 level, buyers are likely to test towards the 1.3205 and 1.3245 resistance levels.
