The British pound has started to recover higher against the US dollar after data this morning showed that the UK economy missed falling into a technical recession. The 1.2820 level now provides the strongest form of near-term resistance for the GBPUSD pair. Overall, the 1.2770 level remains a vital pivot with the GBPUSD pair either bouncing from this area or sinking lower towards the 1.2740 level.
If the GBPUSD pair trades above the 1.2770 level, key resistance is found at the 1.2820 and 1.2850 levels.
If the GBPUSD pair trades below the 1.2770 level, key support is found at the 1.2740 and 1.2710 levels.
