The British pound has rallied towards the 1.2600 support zone against the US dollar currency, further increasing the chances of a new monthly trading high. Higher time frame analysis shows that the 1.2730 level remains a likely upside target for GBPUSD bulls. Traders are only likely to turn bearish towards the GBPUSD pair if a sustained decline below the 1.2590 support level occurs.
If the GBPUSD pair trades above the 1.2590 level, key resistance is found at the 1.2670 and 1.2730 levels.
The GBPUSD pair is only bearish while trading below the 1.2590 level, key support is found at the 1.2500 and 1.2450 levels.
