GBPUSD CORRECTION BEGINS
The British pound is starting to correct lower against the US dollar after the greenback found strong buying interest during the European trading session. Short-term and medium-term GBPUSD bulls need to defend the 1.2650 level to avoid a drop towards the 1.2600 level. A bullish reversal pattern with over 300 points of upside pattern is in play while price trades above the 1.2650 level.
The GBPUSD pair is only bullish while trading above the 1.2500 level, key resistance is found at the 1.2700 and 1.2750 levels.
The GBPUSD pair is only bearish while trading below the 1.2500 level, key support is found at the 1.2420 and 1.2350 levels.