The British pound is starting to advance against the US dollar after bears repeatedly failed to breach the 1.2300 support level. The GBPUSD pair could easily start to push towards the top of its short-term trading range, around the 1.2470 level. Overall, an explosive upside breakout appears unlikely at this stage, and more range bound trading between the 1.2300 to 1.2470 levels should be expected.
The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2300 and 1.2250 levels.
The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2420 and 1.2470 levels.
