The British pound has weakened back towards the 1.2700 support level against the US dollar after the pair found strong selling interest from the 1.2756 level on Monday. Technical selling in the GBPUSD pair is likely to accelerate if bears can force price below the 1.2700 level. The 1.2662 level is the major weekly support level to watch below the 1.2700, with the GBPUSD pair below offering only limited technical support below.
The GBPUSD pair is heavily bearish while trading below the 1.2700 level, key support is located at the 1.2660 and 1.2600 levels.
If the GBPUSD pair trades above the 1.2756 level, key intraday resistance is found at the 1.2772 and 1.2790 levels.
