The British pound has slumped to its weakest level against the greenback since January 3rd this year, after bears moved the pair below the key 1.2560 level. Continued weakness below the 1.2500 level is increasingly likely as UK political uncertainty is driving the pair lower. GBPUSD bears are likely to aim for the December low, while bulls may look for a better risk-reward entry if this key low is unable to be broken.
The GBPUSD pair is heavily bearish while trading below the 1.2600 level, key support is found at the 1.2500 and 1.2460 levels.
If the GBPUSD pair trades above the 1.2600 level, key resistance is found at the 1.2630 and 1.2655 levels.
