The British pound has moved back towards the 1.2300 level against the US dollar after UK monthly GDP data came in much stronger than anticipated. The latest Brexit headlines are also creating choppy trading conditions for the GBPUSD pair today, with price dropping to the 1.2250 level this morning. The short-term technicals show a drop to the 1.2200 level is still possible, while the medium-term technicals are still fairly bullish while trading above the 1.2150 level.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2260 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2300 level, key resistance is found at the 1.2355 and 1.2380 levels.