The British pound remains under pressure against the US dollar currency over fears that the UK lockdown could extend beyond four-weeks. GBPUSD sellers need to hold price below the 1.2890 level to activate a large head and shoulder pattern on the lower time frames. Overall, the GBPUSD pair is expected to weaken towards the 1.2700 area while price trades under the 1.2890 level.
If the GBPUSD pair trades above the 1.2890 level, key resistance is found at the 1.2940 and 1.2960 levels.
The GBPUSD pair is only bearish while trading below the 1.2890 level, key support is found at the 1.2770 and 1.2800 levels.
