The British pound has started the new trading week with a bearish tone against the US dollar after the pair suffered its largest weekly decline in nearly eight-week. The GBPUSD pair could test the 50 percent retracement of the April monthly high to the current yearly low, around the 1.2000 level. Overall, bulls must defend the 1.2000 level this week to avoid a major decline back towards the 1.1800 level.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2050 and 1.2000 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2370 and 1.2420 levels.
