GBPUSD awaiting UK data

The British pound is trading back above the 1.2600 resistance level against the US dollar after the pair found strong dip-buying demand from the 1.2515 support level. GBPUSD traders are now awaiting a raft of UK macroeconomic data this morning, which should provide the next short-term directional move. The 1.2770 level offers extended resistance, while the 1.2480 level offers strong technical support.

• The GBPUSD pair is only bearish while trading below the 1.2580 level, key support is found at the 1.2515 and 1.2480 levels.

• If the GBPUSD pair trades above the 1.2580 level, key resistance is found at the 1.2660 and 1.2770 levels.