Cable remains under pressure and keeps targeting the 1.1985 level in the next weeks. The downward acceleration over the past couple of days could be attributed to the lack of significant support levels.
GBPUSD technical analysis
Weaker than expected UK data could easily spark a bearish decline in the GBPUSD pair under the 1.2000 support level. Stronger data may support another run at the 1.2100 level, although GBPUSD bulls may need the pair to move lower to a more attractive price before moving in heavily.
The GBPUSD pair is bearish while trading below 1.2080, key support is found at the 1.2000 and 1.1980 levels.
If the GBPUSD pair trades above the 1.2080 level, buyers may test towards the 1.2160 and 1.2200 levels.
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