The pound sterling was seen posting gains, regaining the lost bullish momentum. The gains in the currency came despite the EU officials noting that there was no major breakthrough with the UK on Brexit. This comes as UK officials laid out new plans to avoid the Irish backstop arrangement.

GBP/USD on Track to Test Resistance

The GBPUSD currency pair managed to post strong gains on the day. The reversal comes as price formed a higher low. The upside gains will see price action testing the resistance level of 1.2511–1.2533. However, we expect to see a possible reversal on the initial test of this level.

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