The British pound remains technically weak against the US dollar after the recent spike towards the 1.2290 level quickly unraveled. The neckline of a large head and shoulders pattern, around the 1.2200 level, is the bearish breakout area that sellers are looking to target. Any near-term recovery in the GBPUSD pair is likely to find strong technical resistance from the 1.2275 level.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2200 and 1.2150 levels.
If the GBPUSD pair trades above the 1.2275 level, key resistance is found at the 1.2290 and 1.2370 levels.
