The British pound has started to once again move lower against the US dollar, following a strong technical rejection from the 1.2831 level during the European trading session. News that British Prime Minister Theresa May will likely face an upcoming leadership challenge is pressuring the GBPUSD pair lower. Sellers need to break the 1.2722 support level while buyers need to move price above the 1.2835 resistance level.
The GBPUSD pair is strongly bearish while trading below the 1.2800 level, key technical support is now found at the 1.2722 and 1.2694 levels.
If the GBPUSD pair trades above the 1.2800 level, key resistance is found at the 1.2835 and 1.2900 levels.