The British pound currency has retraced lower against the US dollar, following the positive jobs report from the United States economy. The GBPUSD pair still has the potential to rally towards the 1.2550 level while price trades above the 1.2420 level. Traders should be aware that a loss of the 1.2420 support area could see the GBPUSD pair falling back into a much lower price range.
The GBPUSD pair is only bearish while trading below the 1.2420 level, key support is found at the 1.2370 and 1.2340 levels.
If the GBPUSD pair trades above the 1.2420 level, key resistance is found at the 1.2550 and 1.2610 levels.