GBPUSD Breakout Underway | Action Forex

The British is continuing to unravel its weekly gains against the US dollar, following a huge flight back into the greenback over risk aversion from rising bond yields. A breakout from a bearish broadening ascending triangle pattern is now underway. The GBPUSD pair is at risk while trading under the psychological 1.4000 level and could start to fall towards the 1.3730 support region.

The GBPUSD pair is only bullish while trading above the 1.4000 level, key resistance is found at the 1.4130 and the 1.4200 levels.

If the GBPUSD pair trades below 1.4000, sellers may test the 1.3800 and 1.3730 support levels.

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