The British pound has reversed earlier gains against the US dollar, after being strongly rejected from the 1.2848 resistance level during the European trading session. The GBPUSD pair is fast approaching key trendline support, located at the 1.2750 level. If the current down move fails to break below the 1.2750 support level, buyers will likely try to move price back above the 1.2800 resistance level.
The GBPUSD pair is strongly bearish while trading below the 1.2750 level, key technical support is found at the 1.2695 and 1.2662 levels.
If the GBPUSD pair trades above the 1.2800 level, key resistance is found at the 1.2848 and 1.2860 levels.
