GBPUSD weakness persists

The British pound has failed to stage a recovery against the US dollar as traders remain cautious towards the pair ahead of Friday’s second-quarter GDP release from the UK economy. The GBPUSD pair is currently trapped in a range between the 1.2120 to 1.2200 levels. A breakout from the current range is likely to spark the next one-hundred point move in the GBPUSD pair.

• The GBPUSD pair is only bearish while trading below 1.2200, key support is found at the 1.2010 and 1.2000 levels.

• If the GBPUSD pair trades above the 1.2200 level, buyers may test towards the 1.2250 and 1.2310 levels.