GBPUSD turning bearish
The British pound has slumped to a fresh weekly trading low against the US dollar as reports surface that British Prime Minister Boris Johnson may call for a UK General Election next week. The GBPUSD pair has a negative intraday bias while trading below the 1.2850 level. The GBPUSD pair is likely to be sold heavily on any rallies back towards the 1.2890 resistance level.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2920 levels.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels