The British pound has slumped to a fresh monthly trading low against the US dollar, with the pair falling below the important 1.2790 support level. If sellers can sustain bearish momentum below the 1.2790 level, a further decline towards the 1.2740 support level remains possible. Traders now await the release of Retail Sales data from the UK economy, with expectations tilted to the downside.
The GBPUSD pair is heavily bearish while trading below the 1.2790 level, key technical support is found at the 1.2740 and 1.2710 levels
If the GBPUSD pair moves above the 1.2840 level, buyers may test towards the 1.2900 and 1.2930 levels.