The British pound is on the back foot against the US dollar on Monday, with the pair still on the slide back towards the 1.2300 level. Technical analysis on the four-hour time frame shows that if the GBPUSD trades below the 1.2275 level, then the pair will start to turn bearish over the short-term. Overall, key Brexit events this week alongside the FOMC meeting minutes are likely to drive price action.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2245 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2275 level, key resistance is found at the 1.2375 and 1.2410 levels.
