The British pound is trading with a bearish short-term bias against the US dollar as price remains trapped below the 1.2400 level. GBPUSD bulls must continue to defend the 1.2300 support to encourage buyers to test towards the 1.2450 resistance level. A sustained loss of the 1.2300 support level could cause a protracted decline towards the current monthly low, around the 1.2160 level.
The GBPUSD pair is only bearish while trading below the 1.2450 level, key support is found at the 1.2300 and 1.2160 levels.
The GBPUSD pair is only bullish while trading above the 1.2450 level, key resistance is found at the 1.2500 and 1.2610 levels.
