The British pound has continued to slip lower against the US dollar during the European trading session, with the pair testing towards its key weekly trading low. If the GBPUSD pair fails to bounce from current levels, further losses toward the 1.2610 level appear possible. Overall, the release of US retail sales this afternoon are likely to have a substantial impact on the GBPUSD pair.
The GBPUSD pair is only bullish while trading above the 1.2700 level, key resistance is located at the 1.2710 and 1.2750 levels.
The GBPUSD pair is heavily bearish while trading below the 1.2655 level, key support is found at the 1.2630 and 1.2610 levels.