The British pound remains bullish against the US dollar in the short-term, as buyers continue to defend the 1.2420 support area. The medium-term analysis shows that the GBPUSD pair could rally towards the 1.2700 area if the 1.2550 resistance level is overcome this week. GBPUSD bears may start to test towards 1.2350 technical area if the 1.2420 support level is broken with conviction.
The GBPUSD pair is only bearish while trading below the 1.2420 level, key support is found at the 1.2380 and 1.2350 levels.
If the GBPUSD pair moves above the 1.2420 level, key resistance is found at the 1.2550 and 1.2700 levels.
