GBPUSD probing monthly high
The British pound is probing towards its current monthly trading high against the US dollar, as traders continue to buy any dips in the pair. The GBPUSD pair faces strong upcoming resistance from the 1.2410 level if bulls move above the 1.2385 level. The GBPUSD pair now awaits US PPI inflation data, which could create short-term volatility if the release deviates from market expectations.
The GBPUSD pair is only bearish while trading below the 1.2290 level, key support is found at the 1.2260 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2290 level, key resistance is found at the 1.2385 and 1.2410 levels.