The British pound is starting to consolidate below the 1.2500 level against the US dollar as the pair struggles to find a short-term directional bias. Losses below the pivotal 1.2480 level may cause the GBPUSD pair to test back towards the 1.2400 support area. Continued gains above the key 1.2480 level may encourage buyers to start to test back towards the 1.2600 resistance level.
The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2430 and 1.2380 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.
