GBP/USD Lower

The Pound is having a bad start of the week going lower against its major competitor the US dollar. GBP/USD opened at 1.2986 and made a low of 1.2969. The pair is close to visiting the support level at 1.2940. Price already met the support three times starting from the very bottom of 1.2795 and slowly making its way up to hit the support for second time at 1.2865 and then again at 1.2914.

GBP/USD is currently trading at 1.2972 and it appears that for now the support level has managed to withhold Pound bears. If this is the case, then Pound bulls need to create some momentum and drive price to first bull target at the last high of 1.3122. 

On the other hand, if bears take control, then the pair might revisit the 30-year low of 1.2795. 

No major news are expected today so we might be in for technical trading Monday. 

Chart: GBP/USD H4