GBP/USD camped out on fragile grounds ahead of PM May Tuesday

Currently, GBP/USD is trading at 1.2052, down -1.11% on the day, having posted a daily high at 1.2087 and low at 1.1987.

GBP/USD has been stationed in a tight rage back above the 1.20 handle after the weekend's hard Brexit news that sent investors scrambling out of the pound at the start of Asia overnight, dropping below the psychological 1.20 level for the first time since the flash crash where it lost more than 6 percent in the space of two minutes in overnight trading on Oct. 7, with data compiled by Bloomberg showing it touched $1.1841, the lowest level in 31 years.

Brexit: what we do and what we don't know yet - Nomura

We now await official announcements from PM May tomorrow that will be centred around plans for Brexit and there could be some further downside to be seen in the pond depending how hard of a Brexit May is going to let us all know about - indeed it could be a volatile week for sterling.

GBP/USD levels

Current price is 1.2052, with resistance ahead at 1.2068 (Daily Classic S2), 1.2071 (Hourly 20 EMA), 1.2087 (Daily High), 1.2121 (Yesterday's Low) and 1.2122 (Annual Low). Next support to the downside can be found at 1.2044 (Weekly Classic S1), 1.2015 (Daily Classic S3), 1.1988 (Daily Open), 1.1987 (Daily Low) and 1.1901 (Weekly Classic S2).