Technical Analysis: GBPUSD traders should be mindful of 1.2640/50 resistance area
GBPUSD registers another pullback from the key 1.2640/50 horizontal resistance, amid nearly overbought RSI, which in turn suggests the pair's drop to 61.8% Fibonacci retracement near 1.2515. Though, the pair's further downside may find it difficult to break the weekly support line surrounding 1.2430. Even if the bears manage to conquer 1.2430 trend line support, a confluence of 50% Fibonacci retracement and another support trend line from early April, around 1.2300 becomes the key to watch.
On the contrary, a daily close beyond 1.2650 will be the boost for the buyers and can recall the early-March low near 1.2865 as well as 1.2930 numbers to the north. Should there be a clear run-up past-1.2930, 1.3000 round-figure and March month high near 1.3200 could return to the charts.