GBPUSD BEARS TARGETING BELOW 1.2800
The British pound is edging closer to the 1.2800 level against the US dollar on Friday, as the bearish head and shoulders pattern nears completion. GBPUSD weakness can also be attributed to strength in greenback, with the US dollar index moving towards the highest levels of 2018. Sellers will continue to target the 1.2770 region, while buyers need to stabilize price above the 1.2850 level.
The GBPUSD pair is strongly intraday bearish while trading below the 1.2850 level, key support is found at the 1.2740 and 1.2770 levels.
If the GBPUSD pair moves above the 1.2850 resistance level, key intraday resistance is then found at the 1.2900 and 1.2930 levels.