The British Pound is once again under a bearish pressure below 1.2800 against the US Dollar. The GBPUSD pair recently failed to break 1.3000 and traded down sharply.
The pair is currently trading above a major support at 1.2650, which holds a lot of importance in the near term. The stated support prevented downsides earlier as well (as can be seen from the daily chart), so there are chances of GBPUSD bouncing from the 1.2620-50 support zone.
On the upside, there is bearish trend line forming with resistance at 1.2960 on the daily chart. Overall, there can be ranging moves above 1.2600 in GBPUSD before the pair makes the next move.
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