The British pound has fallen below the 1.2700 level against the US dollar as the pair looks set to post eight consecutive days of trading losses. The GBPUSD pair is increasingly likely to target the 1.2660 level now that the 1.2700 support level has been breached. Traders now look to the release of the UK inflation data and the start of the European elections this coming Thursday.

The GBPUSD pair is heavily bearish while trading below the 1.2700 level, key support is located at the 1.2660 and 1.2600 levels.

If the GBPUSD pair trades above the 1.2700 level, key intraday resistance is found at the 1.2730 and 1.2756 levels.

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