GBPUSD looking heavy
The British pound is at risk of falling sharply lower against the US dollar, following multiple upside rejections from the 1.2660 technical regions. GBPUSD bears are increasingly likely to target the 1.2500 level if the 1.2550 technical support level is broken with conviction. Overall, downside pressure is likely to grow while the GBPUSD pair trades below the 1.2610 resistance zone.
If the GBPUSD pair trades above the 1.2610 level, key resistance is found at the 1.2650 and 1.2670 levels.
The GBPUSD pair is only bearish while trading below the 1.2610 level, key support is found at the 1.2550 and 1.2500 levels.