GBPUSD TESTING FORMER WEEKLY LOW
The British pound is testing towards the 1.2960 support level against the US dollar after bearish Brexit news caused a sharp price reversal in the GBPUSD pair on Monday. A strong break below the 1.2960 level exposes further intraday downside towards the 1.2900 support level. Sellers are also close to negating the bullish inverted head and shoulders pattern across the lower time frames.
The GBPUSD pair is strongly bearish while trading below the 1.2960 level, key support is now found at the 1.2918 and 1.2885 levels.
If the GBPUSD pair moves above the 1.3000 level, buyers are likely to test the 1.3055 and 1.3080 resistance levels.