The British pound is starting to pullback from the 1.2500 level against the US dollar as the greenback attracts fresh buying interest. Going forward, the GBPUSD pair could start to weaken towards the 1.2150 support level if the 1.2300 level is broken this week. Failure to hold price below the 1.2300 level could result in the GBPUSD pair starting to rally towards the 1.2600 level.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2200 and 1.2150 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2500 and 1.2610 levels.
