The British pound is consolidating the 1.2300 level against the US dollar after traders failed to hold price below the important 1.2275 level. Uncertainty towards Brexit developments is keeping the GBPUSD pair contained, leaving traders to scalp the short-term range. Overall, traders will be looking to short the GBPUSD pair this week on a break of the 1.2275 level in anticipation of a much larger decline.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2245 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2275 level, key resistance is found at the 1.2375 and 1.2410 levels.
