The British pound remains vulnerable to further losses against the US dollar, ahead of the release of United Kingdom Retail Sales data this morning. Weaker than expected UK data could easily spark a bearish decline in the GBPUSD pair under the 1.2000 support level. Stronger data may support another run at the 1.2100 level, although GBPUSD bulls may need the pair to move lower to a more attractive price before moving in heavily.
The GBPUSD pair is bearish while trading below 1.2080, key support is found at the 1.2000 and 1.1980 levels.
If the GBPUSD pair trades above the 1.2080 level, buyers may test towards the 1.2160 and 1.2200 levels.
