The pound reached its lowest levels in 2020, approaching the 1.2900 . level

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GBP/USD is experiencing a hard sell-off at the lower end of its 2-month range.

A level that sellers need to beat is 1.2938.

GBP/USD daily chart

After the bullish markets of October and December, GBP/USD is trading in a rectangular consolidation above the 100/200 day simple moving averages.

The pound reached its lowest levels in 2020, approaching the 1.2900 . levelGBP/USD four-hour chart

GBP/USD is under heavy selling pressure as the bears attack the support at 1.2938. A break below the above mentioned level could lead to further weakness towards 1.2900 and 1.2829. Resistance is seen at 1.2972 and 1.3000, according to the Technical Confluences Indicator.

The pound reached its lowest levels in 2020, approaching the 1.2900 . level

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