GBPUSD still on the ropes
The British pound remains under downside pressure against the US dollar after bears broke through the 1.2440 support zone on Tuesday. The current monthly and yearly low is the key level that GBPUSD sellers need to soon break, or short-term sellers may start to lose patience. The 1.2480 level is the immediate upside barrier that bulls need to break in order to encourage another test of the 1.2510 level.
The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is located at the 1.2510 and 1.2530 levels.
If the GBPUSD pair holds below the 1.2480 level, key support is found at the 1.2380 and 1.2350 levels.