The British pound needs to start a strong recovery against the US dollar this week to avoid further losses towards the 1.1200 support level. Bulls will attempt to form a double-bottom pattern on the weekly time frame and keep price above the 1.1410 level. GBPUSD sellers will likely target the 1.1200 support level if a breakout below the 1.1410 level takes place this week.
The GBPUSD pair is only bearish while trading below the 1.1950 level, key support is found at the 1.1480 and 1.1 levels.
The GBPUSD pair is only bullish while trading above the 1.1950 level, key resistance is found at the 1.2020 and 1.2200 levels.
