The British pound is consolidating around the 1.2500 level against the US dollar ahead of the release of key UK inflation data later this morning. GBPUSD bulls have the upper hand on an intraday basis while price trades above the important 1.2425 level. Overall, the GBPUSD pair is increasingly bullish with traders continuing to buy any pullbacks towards key technical support zones.
The GBPUSD pair is only bearish while trading below the 1.2425 level, key support remains at the 1.2385 and 1.2350 levels.
If the GBPUSD pair holds above the 1.2425 level, key resistance is found at the 1.2530 and 1.2600 levels.