The British pound is coming under downside pressure against the US dollar currency, following news that the United Kingdom may walk away from Brexit negotiations next week. Technical analysis shows that weakness below the 1.2800 support level could cause the GBPUSD pair to fall towards the 1.2600 support area. To the upside, bulls need to stabilize the pair above the 1.3000 level to encourage a rally towards the 1.3140 resistance zone.
If the GBPUSD pair trades above the 1.2900 level, key resistance is found at the 1.2960 and 1.3000 levels.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2800 and 1.2600 levels.
