GBPUSD floor may be in place
The British pound has started to recover higher against the greenback after briefly dropping below the 1.2200 support level. A medium-term price floor may now be in place and GBPUSD bulls could start to target towards the 1.2600 technical resistance area. A sustained loss of the 1.2150 level and the GBPUSD pair could easily start to fall towards the 1.1900 support level.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2200 and 1.2150 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2500 and 1.2610 levels.