The British pound has fallen to a fresh two-year trading low against the US dollar as the new Conservative party government in the UK continued to issue a hard-line stance towards Brexit. The GBPUSD pair has broken through the 1.2350 support level, leaving the 1.2310 level the next major support level to watch. Bulls need to move price back above the 1.2350 level to encourage buying back towards the 1.2380 level.
The GBPUSD pair is heavily bearish while trading below the 1.2350, key support is found at the 1.2310 and 1.2280 levels.
If the GBPUSD pair trades below the 1.2380 level, key resistance is found at the 1.2410 and 1.2440 levels.
