The British pound has edged back towards critical support against the US dollar after the pair failed to post a new higher high. The GBPUSD pair could slip back towards the 1.2480 level if the 1.2510 level is broken over the upcoming US trading session. Bulls now need to close the daily candle above the 1.2551 level in order to form an extremely bullish weekly reversal candle.
The GBPUSD pair is bullish while trading above the 1.2530 level, key resistance is located at the 1.2560 and 1.2680 levels.
If the GBPUSD pair trades below the 1.2530 level, key support is found at the 1.2510 and 1.2480 levels.
