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.