The British pound has had an extremely lively European trading session against the US dollar, with the pair staging a strong recovery back towards the 1.2480 level. Better than expected UK retail sales data has helped boost sentiment, while cross-pair flows are also helping to boost the GBPUSD pair. Buyers may now test back towards the 1.2530 level if the rally continues to gather pace.
The GBPUSD pair is bullish while trading above the 1.2440 level, key resistance is located at the 1.2480 and 1.2530 levels.
If the GBPUSD pair fails around the 1.2480 level, key support is found at the 1.2440 and 1.2410 levels.