GBPUSD 1.2470 key

The British pound look set for a major week ahead against the US dollar as the pair searches for a medium-term technical breakout. A move above the 1.2470 resistance level exposes further gains towards the 1.2600 level, while a move under 1.2300 should be considered bearish. From a technical perspective, a bullish reversal pattern is pointing to more upside gains towards the 1.3000 area.

• The GBPUSD pair is only bearish while trading below the 1.2400 level, key support is found at the 1.2300 and 1.2200 levels. 

• The GBPUSD pair is only bullish while trading above the 1.2400 level, key resistance is found at the 1.2470 and 1.2600 levels.