GBPUSD: Eyes Further Downside Pressure On Corrective Weakness

GBPUSD: The pair closed lower on corrective pullback on Monday leaving risk to the downside. On the downside, support lies at the 1.2450 level where a break will turn attention to the 1.2400 level. Further down, support lies at the 1.2350 level. Below here will set the stage for more weakness towards the 1.2300 level. Conversely, resistance stands at the 1.2550 levels with a turn above here allowing more strength to build up towards the 1.2600 level. Further out, resistance resides at the 1.2650 level followed by the 1.2700 level. On the whole, GBPUSD threatens further weakness on correction.