GBPUSD targeting 1.2600 support level
The British pound has continued to drift lower against the US dollar during the European trading session, with sellers now targeting towards the 1.2600 level. The 1.2600 support level is a major technical barrier for sellers, as a clear breach of this level exposes a possible move towards the 1.2528 level. Overall, downside pressure on the GBPUSD pair is likely to persist while price trades below the 1.2660 level.
The GBPUSD pair is strongly bearish while trading below the 1.2600 level, key support below is found at the 1.2528 and 1.2470 levels.
If the GBPUSD pair trades above the 1.2660 level, buyers may test towards the 1.2680 and 1.2700 resistance levels.