FX.co ★ GBP/USD 01.27.2020 - Strong downside pressure today, watch for selling opportuntiies with main target at 1.2957

GBP has been trading downwards. The price tested and rejected of the major short-term resistance at 1.3100. There is potential for more downside movement and test of 1.2985 and 1.2960.Watch for selling opportunities on the rallies.

The rejection of the main resistance in the background was the main reason of the today's drop.

MACD oscillator is showing negative reading below the zero and slow line slopping to the downside.

Main resistance level is seen at the price of 1.3100

Support levels and downward targets are set at the price of 1.2985 and 1.2960.