The British pound has pulled back towards key technical support against the US dollar currency, following bearish news surrounding the UK economy. GBPUSD bulls need to stabilize price above the pairs 50-day moving average, around the 1.2270 level, to encourage technical buying towards the 1.2600 level. Overall, further short-term gains should be expected while price trades above the 1.2240 support level.

The GBPUSD pair is only bearish while trading below the 1.2240 level, key support is found at the 1.2160 and 1.2075 levels.

The GBPUSD pair is only bullish while trading above the 1.2240 level, key resistance is found at the 1.2350 and 1.2420 levels.

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