The British pound is weakening towards the 1.2600 level against the US dollar
after the Federal Reserve
hiked interest rates on Wednesday. The GBPUSD
pair is likely to come under further technical selling pressure if price slips below the 1.2600 support level
. Overall, increasing interest rate differentials between the US and the UK and Brexit concerns are likely to weigh on sterling.
pair is bullish
while trading above the 1.2600 level, key resistance is found at the 1.2660 and 1.2700 levels.
If the GBPUSD
pair moves below the 1.2600 level, key technical support is found at the 1.2550 and 1.2528 levels.