GBPUSD WEAKNESS PERSISTS

The British pound is still struggling to rally above the 1.2800 level against the US dollar as weakness persists in the pair. Bulls need to close the daily candle above the 1.2850 level to encourage the notion that a major technical bottom has been formed. A drop towards the 1.2550 level remains a risk for the GPBUSD pair if price falls below the 1.2750 support area.

• The GBPUSD pair is only bearish while trading below the 1.2850 level, key support is found at the 1.2750 and 1.2710 levels.

• The GBPUSD pair is only bullish while trading above the 1.2850 level, key resistance is found at the 1.2960 and 1.3000 levels.