GBPUSD 1.2480 top resistance

The British pound has moved within touching distance of the 1.2400 level against the US dollar, following a strong rally from the 1.2250 level. The four-hour time frame shows that the 1.2480 level is top-end resistance if GBPUSD bulls gain control above the 1.2400 level. Weakness back under the 1.2350 level could prompt a test of the 1.2310 support level, where traders will attempt to buy the latest dip.

• The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2260 and 1.2200 levels.

• If the GBPUSD pair trades above the 1.2300 level, key resistance is found at the 1.2450 and 1.2480 levels.