GBPUSD approaching target
The British pound is heading towards the 1.2300 level against the US dollar as the pair continues to reverse sharply from its current weekly trading high. The GBPUSD pair could trade towards the 1.2275 level if price moves under the 1.2300 bearish target. Medium-term dip-buyers may be interested in buying the GBPUSD pair, as long as price trades above the 1.2240 technical level.
The GBPUSD pair is bearish while trading below the 1.2470 level, key support is found at the 1.2300 and 1.2275 levels.
If the GBPUSD pair trades above the 1.2470 level, key resistance is found at the 1.2510 and 1.2580 levels.