The British pound has fallen to yet another multi-year low against the US dollar, following the negative second-quarter GDP report from the UK economy. Dip-buyers may be looking to enter into GBPUSD slightly below the 1.2000 level as the pair is attractively priced. Overall, the key area to watch this week is the Brexit referendum spike, which is found just above the 1.1900 level.
The GBPUSD pair is bearish while trading below 1.2200, key support is found at the 1.1980 and 1.1940 levels.
If the GBPUSD pair trades above the 1.2200 level, buyers may test towards the 1.2250 and 1.2310 levels.