GBPUSD recovery underway

The British pound has started to recover above the 1.2900 level against the US dollar after critical long-term technical support held firm. GBPUSD bulls may target the 1.2960 level before a meaningful technical pullback in the pair occurs. The 1.2840 support level is seen as a potential level that sellers may target if a short-term correction in the GBPUSD pair does occur.

• The GBPUSD pair is only bearish while trading below the 1.2840 level, key support is found at the 1.2770 and 1.2750 levels. 

• The GBPUSD pair is only bullish while trading above the 1.2840 level, key resistance is found at the 1.2960 and 1.3000 levels.