The British pound has continued to decline against the US dollar during the European trading session with the pair edging closer to the 1.2810 level. If sellers can move price under the 1.2810 level the GBPUSD pair is likely to test towards the February trading low. The four-hour time frame is now showing that a series of bearish head and shoulders pattern have started to form.
The GBPUSD pair is heavily bearish while trading below the 1.2866 level, key support remains at the 1.2810 and 1.2772 levels.
If the GBPUSD pair trades above the 1.2866 level, key intraday resistance is found at the 1.2890 and 1.2920 levels.
