The British pound is back under downside pressure against the US dollar after the pair suffered a hard technical rejection from the 1.2200 resistance level. The GBPUSD pair may test back towards the 1.2080 level as upside momentum starts to fade again. Overall, traders may start to exit positions ahead of the release of the main weekly market mover for sterling, second quarter GDP data from the UK economy.
The GBPUSD pair is only bearish while trading below 1.2250, key support is found at the 1.2080 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2250 level, buyers may test towards the 1.2310 and 1.2350 levels.
