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The British pound has fallen sharply against the US dollar this morning as bulls failed to hold the pair above the technically important 1.3780 level. GBPUSD buyers need the price above the 1.3740 level to increase the chances of a quick recovery back towards the 1.3780 level. Traders should be aware that a bearish head and shoulders pattern appears to be taking shape across the lower time frames.

The GBPUSD pair is only bullish while trading above the 1.3780 level, key resistance is found at the 1.3830 and the 1.3870 levels.

If the GBPUSD pair trades below the 1.3780, sellers may test the 1.3740 and 1.3670 support levels.

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