GBPUSD 1.2720 support

The British pound has turned lower against the US dollar after recent reports suggested that Brexit negotiations still face hurdles before a deal can be reached. The GBPUSD pair is now trading under the 1.2800 level, leaving the 1.2720 level as the strongest area of near-term support. GBPUSD bulls need to reclaim the 1.2800 level to encourage another technical test of the 1.2840 technical area.

• The GBPUSD pair is only bearish while trading below the 1.2720 level, key support is found at the 1.2660 and 1.2515 levels.

• If the GBPUSD pair trades above the 1.2720 level, key resistance is found at the 1.2840 and 1.2878 levels.