GBPUSD 1.2500 resistance

The British pound is attempting to recover higher against the US dollar this morning after the pair suffered its largest weekly decline since the UK referendum. The 1.2500 area is a potential technical zone that GBPUSD traders may try to short the pair in anticipation of further weakness. The overall medium-term bearish target for the GBPUSD pair is currently located around the 1.2200 level.

• The GBPUSD pair is only bearish while trading below the 1.2720 level, key support is found at the 1.2300 and 1.2200 levels. 

• The GBPUSD pair is only bullish while trading above the 1.2720 level, key resistance is found at the 1.2810 and 1.2900 levels.