The British pound has reversed sharply higher against the US dollar after reports suggested that EU negotiators are ready to make substantial Brexit concessions. The GBPUSD pair has a bullish intraday bias while trading above the 1.2275 resistance level. If bulls can continue to rally the GBPUSD pair, the 1.2370 level is the next major upside target that they will need to break.
The GBPUSD pair is only bearish while trading below the 1.2275 level, key support is found at the 1.2200 and 1.2150 levels.
If the GBPUSD pair trades above the 1.2275 level, key resistance is found at the 1.2325 and 1.2370 levels.
