The British pound has staged a minor pullback against the US dollar after the pair failed to hold price above the 1.2420 resistance area. A sustained loss of the 1.2350 level could see GBPUSD sellers pushing price back towards the 1.2300 support area. If GBPUSD bulls can overcome the 1.2420 resistance level, then further gains towards the 1.2470 level are expected in the short-term.
The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2350 and 1.2300 levels.
The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2420 and 1.2470 levels.
