The British pound remains vulnerable to further decline against the US dollar as the pair weakens under the 1.2850 level. Going forward, a loss of the 1.2790 level could expose the GBPUSD pair to a technical test of the important 1.2710 support level. A more dovish Bank of England policy meeting later today also has the potential to push the GBPUSD pair lower.
• If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2790 and 1.2710 levels.
• If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2925 levels.
• If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2790 and 1.2710 levels.
• If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2890 and 1.2925 levels.
