GBPUSD make or break

The British pound has continued to weaken against the US dollar during the European trading session, with the pair remaining below the key 1.2440 level. GBPUSD sellers are full control below the 1.2440 level and may test toward the 1.2410 support level. If bulls can move price back above the 1.2440 level, GBPUSD bulls may start to attack towards the 1.2480 resistance level.

• The GBPUSD pair is only bullish while trading above the 1.2440 level, key resistance is located at the 1.2480 and 1.2525 levels.

• If the GBPUSD pair trades below the 1.2440 level, key support is found at the 1.2410 and 1.2380 levels.