GBPUSD data focus
The British pound is trading on the back foot against the US dollar, ahead of the release of important second-quarter GDP data from the United Kingdom economy. A break below the 1.2080 level will start to put the psychological 1.2000 support level in focus. Better than expected United Kingdom GDP data may see a strong rally back towards the pivotal 1.2250 resistance level.
The GBPUSD pair is only bearish while trading below 1.2200, key support is found at the 1.2080 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.