GBPUSD recovery still possible
The British pound remains under slight downside pressure against the greenback in early Tuesday trade after the pair fell well below the 1.2700 level. If GBPUSD bulls can stabilize price above the 1.2679 support level the pair could eventually recover towards the 1.2765 resistance level. Continued weakness below the 1.2679 level may prompt a technical test of the 1.2640 price region.
The GBPUSD pair is only bearish while trading below the 1.2700 level, key support is located at the 1.2679 and 1.2640 levels.
If the GBPUSD pair holds above the 1.2700 level, key intraday resistance is found at the 1.2747 and 1.2765 levels.