The British pound is starting to lose its recent gains against the US dollar after sellers forced the pair below the 1.2480 support level. The GBPUSD pair may launch its next upside move towards the 1.2550 level if bulls can hold price above the 1.2440 level. Bears need to hold price below the 1.2440 level to encourage more traders to enter back into the GBPUSD short trade.
The GBPUSD pair is only bullish while trading above the 1.2480 level, key resistance is located at the 1.2525 and 1.2550 levels. If the GBPUSD pair trades below the 1.2480 level, key support is found at the 1.2460 and 1.2440 levels.