The British pound is once again under technical selling pressure against the US dollar following a key range breakout to the downside. GBPUSD sellers need to hold price below the 1.2790 level in order to build bearish momentum for a test of the former weekly low. Buyers need to break the 1.2882 level for further bullish advancement toward the 1.2988 resistance level.
The GBPUSD pair is only bearish while trading below the 1.2790 level, key technical support is now found at the 1.2732 and 1.2695 levels.
If the GBPUSD pair trades above the 1.2790 level, key intraday resistance is found at the 1.2835 and 1.2882 levels.
