GBPUSD – Faces Bear Pressure, Targets 1.3000 Zone

Technical analysis of Forex market

GBPUSD – faces bear pressure as it weakens further on the back of its Thursday sell off. Resistance stands at the 1.3100 with a turn above here allowing for more strength to build up towards the 1.3150 level. Further out, resistance resides at the 1.3200 level followed by the 1.3250 level. Support lies at the 1.3000 level where a break will turn attention to the 1.2950 level. Further down, support lies at the 1.2900 level. Below here will set the stage for more weakness towards the 1.2850 level. Its daily RSI is bear and pointing lower suggesting further bear pressure. On the whole, GBPUSD remains biased to the downside.