The British pound has moved back towards the 1.2900 level against the US dollar after sellers forced price below the 1.2940 support level. Going forward, a potential decline towards the 1.2880 level could provide a strong medium-term buying opportunity. Overall, the recent decline in the GBPUSD pair should not extend beyond the technically important 1.2840 support level.

The GBPUSD pair is bullish while trading above the 1.2840 level, key resistance is found at the 1.3000 and 1.3100 levels.

If the GBPUSD pair trades below the 1.2940 level, key support is found at the 1.2880 and 1.2840 levels.

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