The British pound has reversed back towards 1.2700 level against the US dollar after briefing spiking above the 1.2800 after reports that the UK may hold a second Brexit referendum. The GBPUSD pair has a bearish intraday bias while trading below the 1.2756 level and may remain weak due to uncertainty over the European elections. Technical indicators on the four-hour time frame still suggest that the GBPUSD pair can trade lower.
The GBPUSD pair is bearish while trading below the 1.2756 level, key support is located at the 1.2690 and 1.2660 levels.
If the GBPUSD pair trades above the 1.2756 level, key intraday resistance is found at the 1.2772 and 1.2810 levels.
