The British has opened the new trading month on the backfoot against the US dollar, following a heavy technical rejection from the 1.2730 area on Friday. UK PMI Services data and ISM Manufacturing data are the big drivers for the GBPUSD pair today. Continued weakness is likely to prompt a technical test of the key 1.2660 level, which is likely to act as key defence or the next bearish trigger level for the pair.
The GBPUSD pair is only bullish while trading above the 1.2685 level, key resistance is found at the 1.2730 and 1.2780 levels.
If the GBPUSD pair trades below the 1.2685 level, key support is found at the 1.2660 and 1.2610 levels.
