GBPUSD bulls need to break 1.2250
The British pound is struggling to break above the 1.2200 level against the US dollar, as traders remain cautious towards sterling. Bulls need to move price above the 1.2250 level to change the bearish weekly trading sentiment towards the GBPUSD pair. Sellers need to hold price under the GBPUSD pair former weekly low to encourage a major technical test of the 1.2000 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.