The British pound is trading under the 1.2300 level against the US dollar as traders remain cautious ahead of key US and UK data releases this week. The four-hour time frame shows that the GBPUSD pair could bounce towards the 1.2375 technical area if a near-term recovery occurs. To the downside, a move below last weeks trading low could see a quick bearish drop towards the 1.2220 technical region.
The GBPUSD pair is bearish while trading below the 1.2360 level, key support is found at the 1.2250 and 1.2220 levels.
If the GBPUSD pair trades above the 1.2325 level, key resistance is found at the 1.2375 and 1.2410 levels.
