The British pound is continuing to advance against the US dollar, as the greenback suffers from early week selling pressure. Technical analysis shows that the 1.2650 level currently offers the strongest form of intraday resistance. GBPUSD bears may look to sell the pair around the 1.2650 level in anticipation of another corrective drop back towards the 1.2500 support level.
The GBPUSD pair is only bearish while trading below the 1.2520 level, key support is found at the 1.2450 and 1.2330 levels.
If the GBPUSD pair trades above the 1.2520 level, then further gains towards the 1.2650 and 1.2710 levels remain possible.
