GBPUSD breakout needed

The British pound is struggling to move away from its recent short-term trading range against the US dollar, following another failed attempt to move past the 1.3000 level last week. GBPUSD sellers may look to fade the GBPUSD pair this week if the price continues to fail around the 1.2980 to 1.3000 technical area. Alternatively, if a breakout above the 1.3000 level occurs this week, the GBPUSD pair could rally towards the 1.3080 area.

• If the GBPUSD pair trades below the 1.2925 level, key support is found at the 1.2850 and 1.2720 levels.
• If the GBPUSD pair trades above the 1.2925 level, key resistance is found at the 1.2980 and 1.3000 levels.