GBPUSD soft bounce
The British pound is attempting to recover above the 1.2500 level against the US dollar, after finding interim support from the 1.2480 level on Friday. The bullish inverted head and shoulders pattern has been invalidated on the lower time frames, although the multi-year low around the 1.2430 remains unbroken. The 1.2505 level is now the key daily and weekly pivot point to watch for the GBPUSD pair.
The GBPUSD pair is heavily bearish while trading below the 1.2505 level, key support is found at the 1.2480 and 1.2445 levels.
GBPUSD pair is only bullish while trading above the 1.2570 level, key resistance is found at the 1.2610 and 1.2660 levels.