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.