The British pound is attempting to stage a recovery against the US dollar on Thursday after bulls continued to defend the important 1.2850 support level. Buyers must still remain cautious as a loss of the 1.2850 level could spark a strong decline in the GBPUSD pair. A sustained breakout above the 1.2900 level could cause the GBPUSD pair to rally back towards the 1.3000 level.
• If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.3000 levels. • If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2720 and 1.2500 levels.