GBPUSD 1.2570 key support

The British pound is trading in a narrow price range against the US dollar currency as traders await a key speech from Bank of England Governor Bailey this morning. GBPUSD bulls need to move price above the 1.2660 resistance level to force a breakout towards the 1.2710 level. A loss of the 1.2570 support area could see the GBPUSD pair quickly fall towards the 1.2500 level.

• If the GBPUSD pair trades above the 1.2610 level, key resistance is found at the 1.2660 and 1.2710 levels. 

• The GBPUSD pair is only bearish while trading below the 1.2610 level, key support is found at the 1.2570 and 1.2500 levels.