GBPUSD under downside pressure
The British pound is under downside pressure against the US dollar after the United Kingdom economy released much weaker than expected GDP number this morning. If sellers can break the 1.2890 support level, a further decline towards the 1.2780 level appears possible. If buyers can defend the 1.2890 support region, the GBPUSD pair could bounce back towards the 1.2950 technical region.
The GBPUSD pair is heavily bearish while trading below the 1.2890 level, key technical support is found at the 1.2850 and 1.2780 levels
If the GBPUSD pair holds above the 1.2890 level, buyers may test towards the 1.2930 and 1.2950 levels.