GBPUSD 1.2000 on the cards
The British pound has taken a heavy tumble from the 1.2200 level against the US dollar, leaving the multi-year low for the pair exposed. A bearish breakdown below the 1.2110 level should see the GBPUSD pair testing towards the 1.1985 to 1.2000 support region. The UK manufacturing PMI later today and Bank of England rate decision could also be bearish for the British pound.
If the GBPUSD pair trades above the 1.2180 level, key resistance is found at the 1.2250 and 1.2310 levels.
If the GBPUSD pair breaks below the 1.2110 level, sellers may test towards the 1.2050 and 1.2000 levels.