The British pound is testing towards the 1.2200 level against the US dollar after the pair failed to recover above the 1.2300 level. Continued weakness below the 1.2200 level could spark a strong decline in the GBPUSD pair towards the 2019 yearly low, around the 1.1950 level. A strong recovery above the 1.2200 level could see the GBPUSD pair rallying towards the 1.2500 technical area.
The GBPUSD pair is only bearish while trading below the 1.2340 level, key support is found at the 1.2200 and 1.2100 levels.
The GBPUSD pair is only bullish while trading above the 1.2340 level, key resistance is found at the 1.2410 and 1.2500 levels.
