The British pound is holding onto its weekly gains against the US dollar, following the recent strong recovery from the 1.2070 support area. Technical analysis shows that the 1.2420 resistance level may be a possible upside target if the 1.2300 level is overcome. Bulls need to hold price above the 1.2160 support level to continue to attract dip-buying interest this week.
The GBPUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2160 and 1.2070 levels.
The GBPUSD pair is only bullish while trading above the 1.2200 level, key resistance is found at the 1.2300 and 1.2420 levels.
