The British pound is trading back above the 1.2600 resistance level against the US dollar after the pair found strong dip-buying demand from the 1.2515 support level. GBPUSD traders are now awaiting a raft of UK macroeconomic data this morning, which should provide the next short-term directional move. The 1.2770 level offers extended resistance, while the 1.2480 level offers strong technical support.
The GBPUSD pair is only bearish while trading below the 1.2580 level, key support is found at the 1.2515 and 1.2480 levels.
If the GBPUSD pair trades above the 1.2580 level, key resistance is found at the 1.2660 and 1.2770 levels.
