The British pound has faced a strong upside rejection against the US dollar after bulls failed to break the multi-year high above the 1.3700 level that was set earlier this month. Technical analysis shows that bears could start to target the 1.3460 level if the 1.3580 support region is breached with conviction. To the upside, a break above the 1.3702 level opens up the path for intraday gains in the GBPUSD pair towards the 1.3770 area.
The GBPUSD pair is only bullish while trading above the 1.3580 level, key resistance is found at the 1.3702 and the 1.3770 levels.
If the GBPUSD pair trades below the 1.3580, sellers may test the 1.3460 and 1.3380 support levels.
