The British pound has come under increasing downside pressure against the US dollar currency, with the pair now testing towards the 1.2500 level. The GBPUSD pair could fall towards the 1.2450 area in the short-term if the 1.2500 support level is breached with conviction. GBPUSD dip-buyers may be waiting around the 1.2460 in anticipation of a powerful recovery towards the 1.2710 level.
If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2590 and 1.2610 levels.
The GBPUSD pair is only bearish while trading below the 1.2550 level, key support is found at the 1.2500 and 1.2460 levels.
