The British pound has staged a recovery above the 1.2700 level against the US dollar, as the greenback continues to weaken across the board. GBPUSD buyers are back in control and may attempt to make a new monthly trading high, around the 1.2780 level. Overall, the GBPUSD pair is expected to trade in a wide short-term trading range between the 1.2640 and 1.2780 levels.
If the GBPUSD pair trades above the 1.2685 level, key resistance is found at the 1.2780 and 1.2840 levels.
The GBPUSD pair is only bearish while trading below the 1.2685 level, key support is found at the 1.2640 and 1.2500 levels.
