The British pound continues to remain subdued against the US dollar, with the pair failing to react to any bullish news over Brexit. Traders looking to initiate additional short positions this week may be waiting for one more move back towards the 1.2900 resistance level. Overall, the GBPUSD pair is still expected to decline back towards the 1.2720 level at a minimum.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.2920 levels.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels.
