The British pound is under heavy technical selling pressure against the US dollar after breaking below the key 1.2650 technical support level. Losses in the GBPUSD pair towards the 1.2500 support are possible while price trades under the 1.2650 level. A trader should note that medium-term GBPUSD buyers may be lurking around the 1.2500 level in anticipation of another push higher.
The GBPUSD pair is only bullish while trading above the 1.2650 level, key resistance is found at the 1.2720 and 1.2800 levels.
The GBPUSD pair is only bearish while trading below the 1.2650 level, key support is found at the 1.2580 and 1.2500 levels.
