GBPUSD bounces from support
The British pound is starting to recover higher against the US dollar after finding strong technical support from the 1.2530 level earlier this morning. If a medium-term price floor has been established around the 1.2530 level, then GBPUSD bulls could be aiming for the 1.3000 resistance level. A trader should note that that the GBPUSD pair has a strong bullish bias while trading above the 1.2650 level.
The GBPUSD pair is only bullish while trading above the 1.2650 level, key resistance is found at the 1.2720 and 1.2800 levels.
The GBPUSD pair is only bearish while trading below the 1.2650 level, key support is found at the 1.2580 and 1.2500 levels.