The British pound has extended its gains against the US dollar during the European trading session, with the pair reaching 1.2580 so far. The 1.2600 level is now within reach of the GBPUSD pair, which may give rise to profit-taking now that price is close to the short-term target. Overall, the GBPUSD pair is unlikely to extend beyond the 1.2600 level, although moves towards the 1.2660 level remain possible next week.
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 1.2600 and 1.2660 levels.
