The British pound is testing towards the 1.2700 support level against the US dollar following Tuesday’s bearish technical break below the 1.2785 level. The pairs 2018 trading low, at 1.2861, is now in focus with a move below this key level likely to expose the GBPUSD pair to losses towards the 1.2550 level. Buyers need to move price above the 1.2730 level to negate immediate selling pressures.
The GBPUSD pair is strongly bearish while trading below the 1.2785 level, key support is now found at the 1.2700 and 1.2661 levels.
If the GBPUSD pair moves above the 1.2730 level, buyers may test towards the 1.2785 and 1.2820 resistance levels.