The British pound has staged a recovery against the US dollar after finding strong technical support from the 1.2410 level on Tuesday. Bulls still need to recover price above the 1.2510 resistance area to secure the GBPUSD pairs short-term prospects. Overall, downside risks still remain, with the 1.2300 level the likely bearish target if bulls fail to overcome the 1.2510 level.
The GBPUSD pair is bearish while trading below the 1.2470 level, key support is found at the 1.2410 and 1.2385 levels.
If the GBPUSD pair trades above the 1.2470 level, key resistance is found at the 1.2510 and 1.2580 levels.
