The British pound is searching for direction against the US dollar currency as the pair consolidates around the technically important 1.2550 level. Short-term bulls need to move price above the 1.2600 resistance level to encourage technical buying towards the 1.2710 level. GBPUSD bears need to hold price under the 1.2550 to increase selling pressure towards the pair.
The GBPUSD pair is only bearish while trading below the 1.2550 level, key support is found at the 1.2510 and 1.2480 levels.
If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2600 and 1.2710 levels.
