The British pound is acting increasingly bullish against the US dollar as traders buy any dip below lower in the pair. The GBPUSD pair has followed the EURUSD pair higher and is testing back towards the best levels of the month so far. Overall, it is still possible that the GBPUSD pair could test towards the 1.2480 level before next weeks Bank of England rate decision.
The GBPUSD pair is only bearish while trading below the 1.2290 level, key support is found at the 1.2260 and 1.2200 levels.
If the GBPUSD pair holds above the 1.2290 level, key resistance is found at the 1.2410 and 1.2480 levels.
