The British pound is under increasing downside pressure against the US dollar, following a sharp reversal from the 1.3170 level last Friday. A sustained break under the 1.3000 level could see the GBPUSD pair sold towards the 1.2900 support level this week. GBPUSD bulls need to move price above the 1.3170 level to encourage fresh buying interest in the pair.
The GBPUSD pair is only bullish while trading above the 1.3170 level, key resistance is found at the 1.3250 and 1.3300 levels.
The GBPUSD pair is only bearish while trading below the 1.3170 level, key support is found at the 1.3000 and 1.2960 levels.
