The British pound remains has recovered slightly against the US dollar currency, following the recent heavy sell-off in the pair towards the 1.2500 support level. The 1.2550 level is acting as a major pivot point for GBPUSD pair, due to its overall technical importance as a key Fibonacci level. Continued weakness under the 1.2550 level could cause the GBPUSD pair to fall towards the 1.2450 support zone.
If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2580 and 1.2610 levels.
The GBPUSD pair is only bearish while trading below the 1.2550 level, key support is found at the 1.2480 and 1.2450 levels.
