The British pound has fallen back towards the 1.2400 level against the US dollar, reversing negative MACD price divergence on the lower time frames. GBPUSD bulls still have the upper hand this week while price trades above the pivotal 1.2385 level. Wednesday remains a crucial day for sterling as traders await the release of UK CPI inflation data and the FOMC rate decision.
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.
