The British pound is trading under the 1.2300 level against the US dollar as traders remain cautious ahead of key US and UK data releases this week. The four-hour time frame shows that the GBPUSD pair could bounce towards the 1.2375 technical area if a near-term recovery occurs. To the downside, a move below last weeks trading low could see a quick bearish drop towards the 1.2220 technical region.
• The GBPUSD pair is bearish while trading below the 1.2360 level, key support is found at the 1.2250 and 1.2220 levels.
• If the GBPUSD pair trades above the 1.2325 level, key resistance is found at the 1.2375 and 1.2410 levels.
• The GBPUSD pair is bearish while trading below the 1.2360 level, key support is found at the 1.2250 and 1.2220 levels.
• If the GBPUSD pair trades above the 1.2325 level, key resistance is found at the 1.2375 and 1.2410 levels.
