The British pound is under heavy downside pressure against the US dollar after breaking through major technical support around the 1.2730 level. GBPUSD sellers could target the 1.2500 support level before a meaningful short-term recovery takes place. Overall, most traders are unlikely to be bullish towards the GBPUSD pair while price trades below the 1.2730 level.
The GBPUSD pair is only bearish while trading below the 1.2730 level, key support is found at the 1.2500 and 1.2450 levels.
The GBPUSD pair is only bullish while trading above the 1.2730 level, key resistance is found at the 1.2830 and 1.2900 levels.
