The British pound continues to trade on the backfoot against the US dollar on Tuesday as the pair continues to trade away from the 1.2500 resistance level. The GBPUSD pair could fall towards the 1.2380 level next if a breakout below the 1.2400 support level takes place. On a weekly basis, the 1.2300 level is seen as the strongest form of technical support for the GBPUSD pair.
The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2380 and 1.2300 levels.
The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is found at the 1.2650 and 1.2800 levels.
