The British pound is trading towards the worst levels of the month against the US dollar after bears broke through the 1.2400 support area last Friday. GBPUSD bears are likely to sell any rallies back towards the 1.2400 area in anticipation of more short-term weakness. On a weekly basis, the 1.2200 to 1.2180 support area is seen as a potential downside target for GBPUSD bears.
The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2510 and 1.2550 levels.
The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2300 and 1.2200 levels.
