The British pound has started to recover higher against the US dollar after the key 1.2300 support level held firm during the latest decline. GBPUSD bulls now need to anchor price above the technically important 1.2420 level to encourage the next major push higher. Failure to overcome the 1.2420 level could see the GBPUSD pair slipping back towards the 1.2350 technical area.
The GBPUSD pair is only bullish while trading above the 1.2420 level, key resistance is found at the 1.2500 and 1.2550 levels.
The GBPUSD pair is only bearish while trading below the 1.2420 level, key support is found at the 1.2350 and 1.2300 levels.
