The British pound continues to recovery against the greenback after the pair found solid technical support from the key 1.2380 level. Sterling traders are now awaiting UK retail sales data, with better than expected numbers likely to provoke a strong test of the 1.2480 area. Worse than expect UK retail sales data may see the GBPUSD pair sold back towards the 1.2415 support level.
If the GBPUSD trades below the 1.2440 level, key support is located at the 1.2415 and 1.2380 levels.
If the GBPUSD pair holds above the 1.2440 level, key resistance is found at the 1.2480 and 1.2510 levels.
