The British pound has recovered above the 1.2300 level against the US dollar, following the release of positive GDP data from the UK economy. The four-hour time frame shows that the GBPUSD pair remains short-term bearish while trading below the 1.2360 level. Downside risks still remain for the GBPUSD pair, with a break under the 1.2275 level likely to trigger the next heavy sell-off.
The GBPUSD pair is bearish while trading below the 1.2360 level, key support is found at the 1.2275 and 1.2250 levels.
If the GBPUSD pair trades above the 1.2360 level, key resistance is found at the 1.2410 and 1.2470 levels.
