GBPUSD 1.2300 bounce

The British pound has recovered from the 1.2300 level against the US dollar, with the move higher extending towards the 1.2365 level. With the short-term bearish target for the GBPUSD pair possibly hit, directional traders may be sidelined until next week. In the immediate term, if the 1.2300 level is broken the GBPUSD pair is likely to find strong support from the 1.2275 level.

The GBPUSD pair is bearish while trading below the 1.2410 level, key support is found at the 1.2300 and 1.2275 levels.
If the GBPUSD pair trades above the 1.2410 level, key resistance is found at the 1.2470 and 1.2510 levels.