The British pound has erased its strong weekly gains against the US dollar following renewed demand for the greenback amongst investors. The 1.2890 level is the key downside level to watch intraday, with technical selling likely to increase if bears hold price below this key area. Bulls now need to move price above the 1.2950 level to stabilize the GBPUSD pair from further intraday declines.
The GBPUSD pair is bearish while trading below the 1.2950 level, key support is located at the 1.2890 and 1.2866 levels.
If the GBPUSD pair trades above the 1.2950 level, key intraday resistance is found at the 1.2966 and 1.2990 levels.