GBPUSD on the move

The British pound has had an extremely lively European trading session against the US dollar, with the pair staging a strong recovery back towards the 1.2480 level. Better than expected UK retail sales data has helped boost sentiment, while cross-pair flows are also helping to boost the GBPUSD pair. Buyers may now test back towards the 1.2530 level if the rally continues to gather pace.

• The GBPUSD pair is bullish while trading above the 1.2440 level, key resistance is located at the 1.2480 and 1.2530 levels.

• If the GBPUSD pair fails around the 1.2480 level, key support is found at the 1.2440 and 1.2410 levels.