The British pound has made a recovery above the 1.2500 level against the greenback, following FED Chair Powell’s dovish testimony yesterday. Bulls need to hold price above the 1.2530 level in order to advance the GBPUSD pair back towards the 1.2580 resistance level. Failure around the 1.2530 level may prompt another round of heavy technical selling back towards the 1.2480 price zone.
The GBPUSD pair is only bearish while trading below the 1.2530 level, key support is found at the 1.2505 and 1.2480 levels.
The GBPUSD pair is only bullish while trading above the 1.2530 level, key resistance is found at the 1.2580 and 1.2610 levels.