The British pound is continuing yesterday’s strong recovery against the US dollar, with the pair advancing towards the 1.2500 level. A bullish breakout from a falling wedge pattern has taken place and is projected further upside towards the 1.2550 area. Traders should be aware that short-term bulls remain in full control of the GBPUSD pair while price trades above the 1.2455 level.
The GBPUSD pair is only bearish while trading below the 1.2455 level, key support is found at the 1.2420 and 1.2370 levels.
If the GBPUSD pair moves above the 1.2455 level, key resistance is found at the 1.2550 and 1.2610 levels.
