The British pound has staged a minor technical recovery against the US dollar after the pair quickly fell towards the 1.2623 level over reports that British PM Theresa May could soon quit. Further medium-term weakness is still expected while the GBPUSD pair trades below the 1.2660 level, with the 1.2550 level is still the overall bearish target. Bulls will need to move price above the 1.2756 resistance level to shift the extreme negative sentiment surrounding the pair.
The GBPUSD pair is heavily bearish while trading below the 1.2660 level, key support is located at the 1.2623 and 1.2550 levels. If the GBPUSD pair trades above the 1.2660 level, key intraday resistance is found at the 1.2710 and 1.2756 levels.