The British pound has moved under the 1.2300 level against the US dollar, following the release of more weaker-than-expected UK economic data. The GBPUSD pair still remains a buy on dips, with the 1.2375 level the possible upside target of the latest correction. Overall, a large head and shoulders pattern still remains present across the lower time frames with a downside target of around 1.1800.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2220 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2275 level, key resistance is found at the 1.2350 and 1.2375 levels.
