The British pound remains under downside pressure against the greenback on Monday, as buyers continue to struggle to break the 1.2700 resistance level. A clear break from the 1.2600 to 1.2700 price range is currently needed for a near-term directional bias to be established. The MACD indicator on the daily time frame is signalling that a short-term recovery is still underway.
The GBPUSD pair is only bullish while trading above the 1.2700 level, buyers may then test towards the 1.2770 and 1.2850 levels.
If the GBPUSD pair continues to trade below the 1.2660 level, sellers will likely test the 1.2625 and 1.2560 support levels.
