The British pound has fallen sharply against the US dollar, following the release of extremely weak United Kingdom economic data. The GBPUSD pair must hold above the 1.2300 support level to avoid a potential drop towards the 1.2250 support area. If the GBPUSD pair breaks under the 1.2250 support level technical sellers could start to target the 1.2000 support level again.
The GBPUSD pair is only bullish while trading above the 1.2500 level, key resistance is found at the 1.2550 and 1.2650 levels.
The GBPUSD pair is only bearish while trading below the 1.2500 level, key support is found at the 1.2300 and 1.2250 levels.
