GBPUSD 1.2800 still possible

The British pound has staged a minor pullback against the US dollar after failing to overcome the 1.2550 resistance level yesterday. The GBPUSD pair needs to hold above the 1.2480 level in order to attract buying interest towards the 1.2610 level. Overall, a valid bullish reversal pattern on the lower time frames continues to indicate that the GBPUSD pair can rally towards the 1.2800 area.

• The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2400 and 1.2350 levels. 

• The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is found at the 1.2610 and 1.2800 levels.