The British pound has moved towards the 1.2500 level against the US dollar, with the pair now reaching its overall short-term bullish target. The thirty-minute time frame is currently showing bearish MACD divergence extending down towards the 1.2420. The 1.2600 level remains the extended bullish target for the GBPUSD pair, although it appears unlikely that this target will be hit ahead of the FOMC meeting.
The GBPUSD pair is only bearish while trading below the 1.2385 level, key support is found at the 1.2335 and 1.2300 levels.
If the GBPUSD pair holds above the 1.2410 level, key resistance is found at the 1.2510 and 1.2600 levels.
