The British pound has started to retrace lower against the US dollar after finding strong technical resistance from just below the 1.2650 level. GBPUSD bulls may be looking to buy the recent price retracement around the 1.2540 to 1.2500 support level. At this stage, short-term GBPUSD traders are only likely to turn bearish towards the pair if price slips below the 1.2480 support level.
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 1.2650 levels.
