GBPUSD correction may be over
The British pound has moved back towards the 1.2900 level against the US dollar after the pair found strong upside resistance from the 1.2950 level. Traders now look to UK GDP figures this morning, as UK growth data can significantly effect the GBPUSD pair. Weak GDP numbers could see the GBPUSD testing the 1.2840 level, while positive figures could prompt a bounce towards the 1.2960 level.
The GBPUSD pair is only bearish while trading below the 1.2960 level, key support is found at the 1.2840 and 1.2710 levels.
The GBPUSD pair is only bullish while trading above the 1.2960 level, key resistance is found at the 1.3000 and 1.3060 levels.