The British pound is under threat against the US dollar on Monday as traders await a slew of high-impacting data from the UK economy this morning. Worse than expected UK data could sink the GBPUSD pair lower towards the 1.2740 support area. Overall, traders have few reasons to be bullish towards the GBPUSD pair this week unless the 1.2940 level is successfully overcome.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2940 levels.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2740 and 1.2710 levels.