GBPUSD UK data key
The British pound is holding below the 1.2480 level against the US dollar ahead of the release of key GDP data from the United Kingdom economy. The GBPUSD pair has so far found technical support from the 1.2438 level, with major weekly support still untested below, at 1.2424. Buyers may also be looking to enter into the GBPUSD pair if a bullish double-bottom forms on the daily time frame.
The GBPUSD pair is heavily bearish while trading below the 1.2480 level, key support is found at the 1.2438 and 1.2424 levels.
The GBPUSD pair is only bullish while trading above the 1.2505 level, key resistance is found at the 1.2530 and 1.2570 levels.