GBPUSD STRONGLY BEARISH BELOW 1.2921

The British pound is under heavy downside pressure against the US dollar after sellers broke the neckline of a large head and shoulders pattern. The GBPUSD is strongly intraday bearish below the 1.2921 level with sterling now at risk of moving towards the 2018 trading low. Sellers will attempt to break below the 1.2880 level, while buyers need to move price back above neckline resistance.

The GBPUSD pair is strongly bearish while trading below the 1.2921 level, key support is now found at the 1.2880 and 1.2780 levels.

If the GBPUSD pair moves above the 1.2921 level, buyers will likely test towards the 1.3000 and 1.3045 resistance levels.