The British pound faces a key week ahead against the US dollar as buyers and sellers continue to battle for short-term control, around the 1.2480 level. The GBPUSD pair could rally towards the 1.2800 level if buyers can gain traction above the 1.2480 level. Sustained weakness below the 1.2480 level could see the GBPUSD pair falling back towards the 1.2300 support level this week.
The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2380 and 1.2300 levels.
The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is found at the 1.2650 and 1.2800 levels.
