The British pound has a neutral intraday bias against the US dollar, after an impressive recovery from just above the 1.2000 level on Monday. The 1.2080 level remains the key intraday pivot for the GBPUSD pair and a key technical breakout level across the lower time frames. If GBPUSD bulls can hold price above the 1.2080 level, we should expect a rally back towards the 1.2200 resistance level.
The GBPUSD pair is bearish while trading below 1.2080, key support is found at the 1.2020 and 1.1980 levels.
If the GBPUSD pair trades above the 1.2080 level, buyers may test towards the 1.2160 and 1.2200 levels.
