The British pound is starting to give back a portion of its recent gains against the US dollar after the pair failed to rally to a new monthly high on Wednesday. The British pound is likely to be affected by the ECB rate decision, particularly EURGBP cross-flows. Overall, a more dovish ECB move today could help to support the British pound if traders start to shun the single currency.
The GBPUSD pair is only bearish while trading below the 1.2290 level, key support is found at the 1.2260 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2290 level, key resistance is found at the 1.2385 and 1.2410 levels.
