The British pound is coming under increasing downside pressure against the US dollar on Tuesday after sellers forced price below the important 1.2890 level. The 1.2850 level is the major support region to watch, further losses under this area may provoke additional technical selling towards the 1.2780 level. Sterling traders should be aware that Bank of England Governor Mark Carney is delivering a scheduled speech later today.
The GBPUSD pair is heavily bearish while trading below the 1.2890 level, key technical support remains at the 1.2850 and 1.2780 levels
If the GBPUSD pair moves above the 1.2890 level, buyers may test towards the 1.2920 and 1.2970 levels.