The British pound has staged a strong bearish reversal against the US dollar currency after the pair was forcefully ejected from the 1.2620 resistance area during yesterday’s US trading session. The GBPUSD pair has the potential to fall towards the 1.2500 level while price trades below the 1.2610 level. Looking at the upside, bulls need to move price above the 1.2660 resistance level to increase buying interest towards the GBPUSD pair.
If the GBPUSD pair trades above the 1.2610 level, key resistance is found at the 1.2670 and 1.2710 levels.
The GBPUSD pair is only bearish while trading below the 1.2610 level, key support is found at the 1.2540 and 1.2500 levels
