GBPUSD bears return
The British pound is starting to edge lower against the US dollar currency after the pair met strong technical resistance from the 1.2650 level yesterday. The GBPUSD pair may test back towards the 1.2510 technical region if the 1.2550 support level is broken. Overall, the GBPUSD pair may need to test lower before it can start to move towards its medium-term bullish target, at 1.2710.
If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2610 and 1.2650 levels.
The GBPUSD pair is only bearish while trading below the 1.2550 level, key support is found at the 1.2510 and 1.2480 levels.