GBPUSD REMAINS WEAK BUT OVERSOLD
The British pound remains weak against the US dollar after a failed attempt to regain bullish momentum above the 1.3000 level on Wednesday. The GBPUSD pair also risks forming a bearish head and shoulders pattern if price dips below the 1.2800 support level. Sellers will likely aim to break the 1.2900 level, while buyers will look to hold price above the 1.3000 resistance level.
The GBPUSD pair is only bullish while trading above the 1.3000 level, key resistance remains at the 1.3046 and 1.3100 levels.
If the GBPUSD pair trades continues to trade below the 1.3000 level, further intraday losses towards the 1.2930 and 1.2860 levels are expected.