The British pound is under heavy downside pressure against the US dollar after the recent dovish Bank of England meeting heightened technical selling. The GBPUSD pair risks falling towards the 1.2740 level, although the 1.2710 level is the main support area. Overall, selling any rallies towards the 1.2850 resistance level is the preferred intraday strategy when trading the GBPUSD pair.
• If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2740 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.