The British pound has continued to advance against the US dollar during the European trading session, with price now testing the crucial 1.3000 resistance level. A sustained break above this key region may spark an eventual test of the 1.3095 level, while the 1.3040 level offers near-term resistance. Overall, technical indicators suggest that the GBPUSD pair is yet to reach oversold trading conditions.
The GBPUSD pair is strongly bullish while trading above the 1.2930 level, key technical resistance is found at the 1.3000 and 1.3030 levels.
If the GBPUSD pair trades under the 1.2930 level, key support is found at the 1.2890 and 1.2850 levels.