On Friday, the markets got to know the data from the UK economy. Data for December proved to be significantly better than expected, and the data for November were revised upward. The data appeared at the right time because in the morning we observed declines in GBPUSD and breaking local support at 1.2480. Immediately after the publication of positive data GBP strengthened against the US dollar back to the level at which held its price in the morning.
GBPUSD in consolidation.
We see actually movement of GBPUSD between levels 1.2480 – 1.2540. Only breaking of these levels will indicate the direction of movement for the next sessions. If the 1.2480 support is broken than bears target will be 1.2415. If, however if price breaks resistance at 1.2540 than bulls will target the February high of 1.2700.