Sterling Loses The 1.3100 Handle

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The pound sterling is trading weaker on Monday. This comes just after on Friday last, GBPUSD rose above the 1.3122 level.

A strong bearish candlestick on an intraday basis saw prices pulling back lower. However, we see a reversal taking place, just above the major trend line.

We could expect prices to pullback to this trend line in the near term. As long as prices are steady above the rising trend line, GBPUSD will be retesting the 1.3122 level once again.

If price action fails to breakout above this level, then we might get to see a possible correction lower.

The next main support area is around the 1.2813 level.

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