The British pound has opened the week on the back foot against the greenback after a heavily bearish price close below its former yearly trading low. The 1.2350 level offers the most significant technical support for the GBPUSD pair below the 1.2380 level. Bulls have major work ahead to move the GBPUSD pair back the 1.2525 resistance level to shift the bearish weekly bias.
The GBPUSD pair is only bullish while trading above the 1.2525 level, key resistance is located at the 1.2570 and 1.2610 levels.
If the GBPUSD pair trades below the 1.2400 level, key support is found at the 1.2350 and 1.2310 levels.
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