The British pound remains under downside pressure against the US dollar as buyers struggle to overcome the pivotal 1.2850 resistance level. A further decline in the GBPUSD pair towards the 1.2720 level should be expected if the 1.2770 support level is broken. Overall, traders have few reasons to be bullish towards the GBPUSD pair while price trades under the 1.2850 level.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2920 levels.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels
