The British pound has come under heavy selling pressure against the US Dollar, after the Bank of England raised interest rates, but stated that any future rate hikes would be gradual and limited. The GBPUSD pair is now strongly bearish below the 1.3070 level, as represents the pairs 100-week moving average and the neckline of a bearish head and shoulders neckline break. Sellers will try to break the 1.3000 support level, while buyers attempt to stabilize price above the 1.3070 resistance level.
The GBPUSD pair is strongly bearish while trading below the 1.3070 level, key support remains at the 1.3000 and 1.2958 levels.
If the GBPUSD pair moves above the 1.3070 level, buyers will likely target the 1.3101 and 1.3150 resistance levels.
