GBPUSD cautiously bullish
The British pound has corrected lower against the US dollar currency after the pair found strong technical resistance from the 1.2660 area. According to technical analysis, the GBPUSD pair could still rally towards the 1.2710 resistance level over the medium-term horizon. Traders that are bearish towards the pair may await for a decline below the 1.2550 area before selling the pair.
If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2710 and 1.2730 levels.
The GBPUSD pair is only bearish while trading below the 1.2550 level, key support is found at the 1.2500 and 1.2426 levels.