GBP/USD Pulls Back After Friday's Surge, Key Support at 1.2540

Following the data released on Friday, the GBP/USD pair saw a strong rally towards the 200-day moving average, but it failed to sustain above it, starting the week below the 200-day moving average once again. The 1.2540 level emerges as today's first significant support level, which needs to be maintained above. A breach here, followed by an inability to sustain, may prompt a revisit to the 1.2500-1.2490 range. Failing to hold ground there, attention would then shift towards the 1.2460-1.2470 range. On the upside, initial resistance is anticipated at the 1.2600 level. If the pair manages to stay above this threshold, the focus shifts to the resistance zone spanning from 1.2630 to 1.2700.