The British pound has fallen to a fresh four-month trading low against the US dollar during the European trading session, with the pair hitting 1.2604. The GBPUSD pair is increasingly likely to target the 1.2550 and 1.2500 levels if sellers breach the 1.2600 support level. Intraday volatility in the GBPUSD pair is likely to see a sharp rise as voting for the European elections starts today.
The GBPUSD pair is heavily bearish while trading below the 1.2600 level, key support is located at the 1.2550 and 1.2500 levels.
If the GBPUSD pair trades above the 1.2600 level, key intraday resistance is found at the 1.2660 and 1.2710 levels.