The British pound was correcting lower against the US dollar and posted a loss of 1.08% this week. Much of this loss is attributed to a strong recovery in the U.S. dollar on better-than-expected employment data reports. The bears have taken control of the 1.26000 level and the price action on the daily chart indicates that their next target is the 1.2500 level. Investors have many reasons to bet against the British pound and the most prominent of them is the introduction of the `second-rate hike from the US Federal Reserve. The GBP/USD may experience a push below the 125.00 level in the next few trading sessions in the presence of the right catalyst.
