The British pound is correcting lower against the US dollar currency after the pair rallied towards its initial bullish target above the 1.2400 level. Technical analysis shows that the GBPUSD bulls may look to buy a pullback towards the 1.2320 support area. Overall, the bullish short and medium-term case for sterling remains strong while price trades above the 1.2300 support level.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2420 and 1.2520 levels.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2270 and 1.2240 levels.
