The British pound is trading in a narrow price range against the US dollar currency as traders await a key speech from Bank of England Governor Bailey this morning. GBPUSD bulls need to move price above the 1.2660 resistance level to force a breakout towards the 1.2710 level. A loss of the 1.2570 support area could see the GBPUSD pair quickly fall towards the 1.2500 level.
If the GBPUSD pair trades above the 1.2610 level, key resistance is found at the 1.2660 and 1.2710 levels.
The GBPUSD pair is only bearish while trading below the 1.2610 level, key support is found at the 1.2570 and 1.2500 levels.
