The British pound is under downside pressure against the US dollar after the Bank of England hinted that they may cut interest rates this month. A loss of key Fibonacci support, around the 1.2750 level could see the GBPUSD pair tumbling towards the 1.2550 level. Only gains above the 1.2960 level will increase the possibility that a medium-term price floor is now in place.
The GBPUSD pair is only bearish while trading below the 1.2960 level, key support is found at the 1.2750 and 1.2710 levels.
The GBPUSD pair is only bullish while trading above the 1.2960 level, key resistance is found at the 1.3060 and 1.3100 levels.
