The British pound is softening towards key weekly support aginst the US dollar ahead of the release of GDP data from the UK economy this morning. A worse than expected GDP number could see the GBPUSD pair break the 1.2660 support level and test towards at least the 1.2610 area. If bulls can hold support the GBPUSD pair could start to edge back towards the 1.2710 resistance level.
The GBPUSD pair is only bullish while trading above the 1.2710 level, key resistance is found at the 1.2775 and 1.2810 levels. If the GBPUSD pair trades below the 1.2660 level, key support is found at the 1.2610 and 1.2550 levels.