The British pound has moved higher against the US dollar during the European trading session, following the release of better than expected UK data and positive Brexit news. The GBPUSD pair now faces strong technical resistance to the 1.2720 level. A breakout above the 1.2720 level could provoke a surge towards the 1.2800 level, as it provides the strongest form of intraday resistance.
The GBPUSD pair is only bearish while trading below the 1.2480 level, key support is found at the 1.2410 and 1.2350 levels.
If the GBPUSD pair trades above the 1.2480 level, key resistance is found at the 1.2720 and 1.2800 levels.
