GBPUSD fading rally
The British pound remains vulnerable to further intraday selling against the US dollar, as bearish Brexit news weighs on trading sentiment. The GBPUSD pair has been sold sharply lower during the European trading session, after staging a minor rally towards the 1.2900 level. Overall, a sustained break below the 1.2850 support level should be the trigger for a much stronger decline in the GBPUSD pair.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.2950 levels.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2720 and 1.2500 levels