The British pound remain under pressure towards the key 1.2560 level against the US dollar, ahead of the release of UK inflation data this morning. The 1.2560 level is a key pivot for the GBPUSD pair, with further intraday weakness expected if bulls fail to secure price above this area. An upcoming test of the 1.2500 level is still expected due to broad-based strength in the US dollar index.
The GBPUSD pair is heavily bearish while trading below the 1.2560 level, key support is found at the 1.2500 and 1.2460 levels.
If the GBPUSD pair trades above the 1.2560 level, key resistance is found at the 1.2600 and 1.2655 levels.
