The British pound is starting to reverse against the US dollar as bulls struggle to move price above the pairs former weekly trading high. The GBPUSD pair could weaken back towards its weekly pivot point, at 1.2530, if the important 1.2550 support level is broken. Short-term technical indicators may also need to correct lower before the next storng move attack starts to take place.
The GBPUSD pair is bullish while trading above the 1.2550 level, key resistance is found at the 1.2580 and 1.2610 levels.
If the GBPUSD trades below the 1.2550 level, key support is located at the 1.2530 and 1.2505 levels.