GBPUSD analysis – British pound melts down below 1.2600

30 May 2019, OctaFX – The British pound has come under heavy downside pressure against the US dollar, following another bearish intraday reversal on Wednesday.

GBPUSD technical analysis

The four-hour time frame is showing that the GBPUSD pair is close to the neckline of a large head and shoulders pattern. A break below the 1.2600 level will set-off the bearish pattern, which holds a downside target close to the 1.2450 level.

  • The GBPUSD pair is heavily bearish while trading below the 1.2600 level, key support is located at the 1.2550 and 1.2500 levels.

  • If the GBPUSD pair holds above the 1.2600 level, key intraday resistance is found at the 1.2640 and 1.2700 levels.



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