GBPUSD correction continues
The British pound has fallen towards the 1.2500 level against the US dollar as traders continue to book profits after the recent advance towards the 1.2600 level. Short-term GBPUSD bulls look to enter back into the pair from around the 1.2450 to 1.2480 area. Traders should note that medium-term GBPUSD bulls may be targeting more gains towards the 1.2640 to 1.2650 technical area.
The GBPUSD pair is only bullish while trading above the 1.2450 level, key resistance is found at the 1.2600 and 1.2650 levels.
The GBPUSD pair is only bearish while trading below the 1.2450 level, key support is found at the 1.2400 and 1.2350 levels.