The British pound remains vulnerable to further decline against the US dollar as the pair weakens under the 1.2850 level. Going forward, a loss of the 1.2790 level could expose the GBPUSD pair to a technical test of the important 1.2710 support level. A more dovish Bank of England policy meeting later today also has the potential to push the GBPUSD pair lower.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2790 and 1.2710 levels.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2925 levels.
