The British pound is once again trading back under the key 1.2900 level against the US dollar after the United Kingdom economy posted weaker than expected inflation data. The GBPUSD pair met resistance from 1.2922 level earlier this morning, falling just short of the pivotal 1.2930 level. The 1.2830 level is now major downside support, although lower time frame technical indicators are still correcting from extremely oversold conditions.
The GBPUSD pair bearish while trading below the 1.2930 level, key technical support remains at the 1.2850 and 1.2830 levels
If the GBPUSD pair moves above the 1.2900 level, buyers may test towards the 1.2930 and 1.2970 levels.
