The British pound has recovered above the 1.2000 level against the US dollar after bouncing sharply from the 1.1960 support level. United Kingdom politics is generating extreme volatility in the GBPUSD pair, causing price to whipsaw on the latest Brexit headline. Bulls need to keep price above the 1.2020 level to encourage the notion that a medium-term price floor may now be in place.
The GBPUSD pair is heavily bearish while trading below the 1.2020 level, key support is found at the 1.1980 and 1.1960 levels. If the GBPUSD pair trades above the 1.2020 level, key resistance is found at the 1.2110 and 1.2155 levels.