The British pound weakened against the US dollar in the last week on softer than expected employment data reports. According to the office for National Statistics, the unemployment rate remains unchanged at 3.8% for the month of July. The GBP/USD dropped below the 1.22000 level in the past week and extended the decline towards the major psychological support level at the 1.2000 mark on Tuesday morning. A consistent slide can be seen as a selling opportunity near this level to target the 1.19500 zone. Furthermore, the rising U.S. dollar is also threatening the acceptance of the British pound.
Ref: Trading View
