GBPUSD watching reversal candle

The British pound has fallen to a fresh weekly trading low against the US dollar after being sold heavily from the 1.2700 level during the European trading session. The four-hour time frame is showing a bearish reversal candle forming following the latest sell-off. Four-hour price closes below the 1.2640 support level should be considered heavily bearish for the GBPUSD pair.

• The GBPUSD pair is bearish while trading below the 1.2679 level, key support is located at the 1.2640 and 1.2600 levels.

• If the GBPUSD pair trades above the 1.2679 level, key intraday resistance is found at the 1.2700 and 1.2747 levels.