The British pound has started to correct lower against the US dollar after the pair was swiftly rejected from above the 1.2800 resistance level. Technical analysis shows that the pair could pull back towards the 1.2500 level before the next rally in the GBPUSD pair takes place. A loss of the 1.2640 support level would confirm that the GBPUSD pair may need to test lower before heading higher again.
The GBPUSD pair is only bullish while trading above the 1.2640 level, key resistance is found at the 1.2810 and 1.3000 levels.
The GBPUSD pair is only bearish while trading below the 1.2640 level, key support is found at the 1.2600 and 1.2500 levels.
