The British pound remains under pressure against the greenback as the US dollar index rallies to a new 2021 trading high. The GBPUSD pair has broken below the neckline of a large head and shoulders pattern, following the early-week move below the 1.3780 level. According to the overall size of the bearish price pattern the GBPUSD pair could be preparing to drop by over four-hundred pips.
The GBPUSD pair is only bullish while trading above the 1.3780 level, key resistance is found at the 1.3840 and the 1.3900 levels.
If the GBPUSD pair trades below the 1.3780, sellers may test the 1.3660 and 1.3500 support levels.
