GBPUSD more weakness expected
The British pound remains vulnerable to further losses against the US dollar this week, following another heavily bearish weekly price close. Negative UK PMI services data later today could push the GBPUSD pair lower for a major test of the 1.2000 support level. In the near-term, if sterling bulls can regain control, they are likely to face strong resistance from the 1.2250 level.
The GBPUSD pair is bearish while trading below 1.2250, key support is found at the 1.2080 and 1.2000 levels.
If the GBPUSD pair trades above the 1.2250 level, buyers may test towards the 1.2310 and 1.2350 levels.