The British pound remains extremely weak against the US dollar, with sellers moving the pair closer to the psychological 1.2000 support level. A break under the 1.1950 level could see the GBPUSD tumbling towards the 1.1730 level and possibly lower. Overall, bulls need to stabilize the GBPUSD pair above the 1.2300 level in order to encourage the notion that the recent down move may be over.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2000 and 1.1950 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2410 and 1.2500 levels.
