The British pound has continued its recent recovery against the US dollar currency, with the pair now trading above the 1.2550 level. Going forward, the GBPUSD pair is increasingly likely to target the 1.2600 resistance level as buying interest appears strong at this stage. If bulls can hold price above the 1.2600 level then a further rally in the GBPUSD pair towards the 1.2800 area remains possible.
The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2350 and 1.2300 levels.
The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is found at the 1.2600 and 1.2800 levels.
