The British pound has reversed sharply from the 1.2780 level against the US dollar as UK political woes once again force the pair lower. A sustained break of the pivotal 1.2660 level could send the GBPUSD pair back towards its former weekly trading low. Bulls need to move the pair back above the 1.2710 resistance level in order to encourage intraday bulls back into the market.
The GBPUSD pair is bullish while trading above the 1.2710 level, key resistance is found at the 1.2730 and 1.2780 levels.
If the GBPUSD pair trades below the 1.2710 level, key support is found at the 1.2660 and 1.2520 levels.
