The British pound has continued to decline against the US dollar during the European session as the pair gives back recent trading gains. A sustained move below the 1.2080 level may be the bearish trigger for losses towards the 1.2050 support level later today. Overall, the GBPUSD must stay above the 1.2080 level or it could eventually fall under the psychologically important 1.2000 level.
The GBPUSD pair is only bearish while trading below the 1.2120 level, key support is found at the 1.2080 and 1.2050 levels.
If the GBPUSD pair moves above the 1.2120 level, buyers may test towards the 1.2155 and 1.2200 levels.