GBPUSD 1.2550 upcoming resistance

The British pound is continuing yesterday’s strong recovery against the US dollar, with the pair advancing towards the 1.2500 level. A bullish breakout from a falling wedge pattern has taken place and is projected further upside towards the 1.2550 area. Traders should be aware that short-term bulls remain in full control of the GBPUSD pair while price trades above the 1.2455 level. 

• The GBPUSD pair is only bearish while trading below the 1.2455 level, key support is found at the 1.2420 and 1.2370 levels.

• If the GBPUSD pair moves above the 1.2455 level, key resistance is found at the 1.2550 and 1.2610 levels.