The British pound is once again probing the downside against the US dollar after a minor bullish corrective move above the 1.3000 level on Tuesday. The GBPUSD pair is looking increasingly bearish as a head and shoulders pattern is now starting to form across the four-hour time frame. Sellers will likely target the 1.2918 level, while buyers will aim to move price above the 1.3000 level.
The GBPUSD pair remains strongly bearish while trading below the 1.3000 level, key support is found at the 1.2918 and 1.2860 levels.
If the GBPUSD pair moves above the 1.3000 level, buyers are likely to test the 1.3045 and 1.3080 resistance levels.
