GBPUSD recovery still possible
The British pound has slipped back towards its yearly trading low against the US dollar, after the sellers broke through the 1.2510 support barrier during the European trding session. However, the bullish inverted head and shoulders pattern on the four-hour time still remains valid. A further bearish decline below the 1.2450 support level may trigger an extended down move towards the 1.2410 level.
The GBPUSD pair is only bullish while trading above the 1.2510 level, key resistance is found at the 1.2530 and 1.2580 levels.
If the GBPUSD trades below the 1.2510 level, key support is located at the 1.2550 and 1.2410 levels.