The British pound has started the new trading week under pressure against the US dollar after being heavily rejected above the 1.3800 level last week. The GBPUSD pair has the potential to fall towards the 1.3500 level while trading beneath the 1.3780 level. It is still possible that a recovery towards the 1.3840 level could occur before the next major bearish down move takes place.
The GBPUSD pair is only bullish while trading above the 1.3780 level, key resistance is found at the 1.3840 and the 1.3890 levels.
If the GBPUSD pair trades below the 1.3780, sellers may test the 1.3670 and 1.3500 support levels.
