The British pound remains under downside pressure against the US dollar, with the pair now approaching the 1.2300 support area. If the GBPUSD weakens below the 1.2200 level the final line of support for the pair is seen around the 1.2150 technical area. Overall, the GBPUSD pair needs to maintain price above the 1.2150 level to avoid more losses towards the 1.1950 support area.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2200 and 1.2150 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2500 and 1.2610 levels.
