The British pound has failed to find traction above the 1.2180 level against the US dollar, placing the emphasis on further GBPUSD downside. If sellers can break the 1.2100 level, the GBPUSD pair offers only limited technical resistance until the psychological 1.2000 level. Overall, the next big move for the GBPUSD pair is likely to come after the FOMC interest rate decision later today.
The GBPUSD pair is heavily bearish while trading below the 1.2180, key support is found at the 1.2110 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2180 level, key resistance is found at the 1.2250 and 1.2310 levels.
