April 17, OctaFX – The British pound is under pressure against the US dollar after the pair was strongly rejected from the pivotal 1.3100 resistance level.
GBPUSD technical outlook
The one-hour time frame is currently showing a bearish head and shoulders pattern, with neckline support close to the 1.3000 level. The downside projection of the bearish pattern would take the GBPUSD pair toward the February swing-low.
The GBPUSD pair is bearish while trading below the 1.3100 level, key intraday support is found at the 1.3000 and 1.2940 levels.
If the GBPUSD pair trades above the 1.3100 level, key intraday resistance is found at the 1.3125 and 1.3200 levels.
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