The British pound is starting to weaken against the US dollar after buyers lost the battle for short-term control of the pair, around the 1.2480 level. The GBPUSD pair could slip back towards the 1.2380 level if intraday selling pressure starts to increase. Sustained weakness below the 1.2380 level could see the GBPUSD pair retracing back towards the 1.2300 support level.
The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2380 and 1.2300 levels.
The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is found at the 1.2650 and 1.2800 levels.
