The British pound remains vulnerable to more losses against the US dollar on Tuesday after the pair found strong resistance from the 1.2470 area yesterday. GBPUSD sellers could target the 1.2300 support area if the 1.2470 resistance zone continues to hold. It is also worth pointing out that the GBPUSD pair has very strong weekly technical resistance around the 1.2590 level.
The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2470 and 1.2490 levels.
The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2330 and 1.2275 levels.
