The British pound has moved towards neckline resistance against the US dollar, as sellers earlier failed to hold price below psychological 1.3000 level. The GBPUSD pair fell sharply from the 1.3086 level on Tuesday due to a strong recovery in the US dollar Index. Sellers now need to break the 1.2985 support level, while buyers need to quickly break the 1.3040 or face losing bullish momentum.
The GBPUSD pair is only bearish while trading below the 1.2985 level, key support is found at the 1.2955 and 1.2900 levels.
If the GBPUSD pair moves above the 1.3040 level, buyers may attempt to test the 1.3086 and 1.3101 levels.
