GBPUSD is hitting trendline resistance level and if it fails to break through then a move towards 1.20 seems likely, says Tony Sycamore, Director of Australia-based TECHFX TRADERS.
Sycamore points out that GBPUSD is leaning against the 1.3500/1.3600 resistance region on the monthly chart. He says a break below 1.3020 would open up a move lower towards support at 1.2000 (see Monthly Chart).
In the shorter-term, Sycamore says GBPUSD is hitting a band of resistance in the 1.3350/1.3450 area that could lead to a stalling of the advance. He thinks a move below 1.3250 would be the first sign that a top may be in place (see Daily Chart).