The British pound is starting to gain traction against the US dollar in early week trading after buyers moved price above the 1.2400 resistance level. If GBPUSD bulls move price above the 1.2500 level then the pair could stage a huge upside breakout towards the 1.2800 level. Failure to move price above the 1.2500 level this week could cause the GBPUSD pair to sink back towards the 1.2500 level.
The GBPUSD pair is only bearish while trading below the 1.2500 level, key support is found at the 1.2380 and 1.2300 levels.
The GBPUSD pair is only bullish while trading above the 1.2500 level, key resistance is found at the 1.2650 and 1.2800 levels.
