The British pound has remains under pressure against the greenback after bulls failed to move price above the 1.2300 resistance level. The 1.2250 level remains the key short-term technical area GBPUSD bulls need to defend to avoid a decline towards the 1.2200 level. Sustained gains above the 1.2300 level could see the GBPUSD pair rallying towards the 1.2400 area.
The GBPUSD pair is only bearish while trading below the 1.2420 level, key support is found at the 1.2250 and 1.2200 levels.
The GBPUSD pair is only bullish while trading above the 1.2420 level, key resistance is found at the 1.2470 and 1.2500 levels.
