The British pound has failed to move above the 1.2700 level against the US dollar, as the greenback started to recover after an early week decline. Repeated technical failure around the 1.2650 level could see the GBPUSD pair sold down towards the 1.2520 support zone. GBPUSD traders may also start to become more cautious ahead of tomorrow’s rate decision from the Bank of England.
The GBPUSD pair is only bearish while trading below the 1.2600 level, key support is found at the 1.2520 and 1.2450 levels.
If the GBPUSD pair trades above the 1.2600 level, then further gains towards the 1.2680 and 1.2710 levels remain possible.
