The British pound is attempting to trade above the 1.2900 level against the US dollar
in early week trade as technical indicators continue to correct from oversold conditions. The GBPUSD
pair has so far found resistance from the 1.2943 level, although the 1.2975 level is critical weekly resistance. To the downside, weakness below the 1.2900 is likely to trigger a technical test of the 1.2865 level.
pair is only bearish
while trading below the 1.2900 level, key support is then found at the 1.2865 and 1.2840 levels.
If the GBPUSD
pair trades above 1.2900 level, key intraday resistance is found at the 1.2943 and 1.2975 levels.