GBPUSD watching key moving average
The British pound has staged a bearish reversal against the US dollar after the pair found strong technical resistance from just below the 1.2770 area. GBPUSD sellers are now watching to see if the GBPUSD pair closes back under its key 200-day moving average, around the 1.2685 level. Short-term bears may start to target the 1.2400 support area if the GBPUSD pair fails to close back above its 200-day moving average.
If the GBPUSD pair trades above the 1.2685 level, key resistance is found at the 1.2715 and 1.2770 levels.
The GBPUSD pair is only bearish while trading below the 1.2685 level, key support is found at the 1.2660 and 1.2590 levels.