GBPUSD pulls back after briefly hitting resistance at 1.2424

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The GBPUSD currency pair is making steady advances after prices found support near 1.2277.

The gains saw the British pound aiming for the 1.2424 level. Although the pair managed to rise to this level briefly, it has pulled back.

We expect sellers to keep a lid on the currency from posting further gains.

This could mean that GBPUSD will drift lower, albeit supported near 1.2277.

In the near term, watch for minor support to form near 1.2343.

A reversal off this level could potentially suggest a breakout above 1.2424.

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