GBPUSD watching 1.2500 support
The British pound is starting to weaken against the US dollar, as traders anticipate bearish commentary from the Bank of England later today. A loss of the 1.2500 support level could start a bearish breakdown towards the 1.2330 level over the medium-term. To the upside, gains towards the 1.2710 area remain possible if the bulls can defend the 1.2500 technical support area.
The GBPUSD pair is only bullish while trading above the 1.2500 level, key resistance is found at the 1.2640 and 1.2710 levels.
The GBPUSD pair is only bearish while trading below the 1.2500 level, key support is found at the 1.2450 and 1.2330 levels.