The British pound has moved within touching distance of the 1.2400 level against the US dollar, following a strong rally from the 1.2250 level. The four-hour time frame shows that the 1.2480 level is top-end resistance if GBPUSD bulls gain control above the 1.2400 level. Weakness back under the 1.2350 level could prompt a test of the 1.2310 support level, where traders will attempt to buy the latest dip.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2260 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2300 level, key resistance is found at the 1.2450 and 1.2480 levels.
