GBPUSD holds support
The British has bounced from critical support against the US dollar, although the pair still remains vulnerable to further losses while trading below the 1.3000 level. Going forward, a decline below the 1.2970 level could send the GBPUSD pair towards the 1.2840 support area. The GBPUSD pair may start to consolidate around current levels, as traders remains cautious ahead of Thursday’s Bank of England rate decision.
The GBPUSD pair is only bullish while trading above the 1.3100 level, key resistance is found at the 1.3170 and 1.3230 levels.
The GBPUSD pair is only bearish while trading below the 1.3100 level, key support is found at the 1.2970 and 1.2840 levels.