The British pound is holding on to rising gains against the US dollar, following a technical breakout above the 1.2925 level earlier this week. With the bullish bias in the GBPUSD pair still intact, a further advance towards the 1.3050 resistance level remains possible. It is worth noting that the 1.3000 level is currently the main technical obstacle blocking a larger upside breakout.
If the GBPUSD pair trades below the 1.2925 level, key support is found at the 1.2900 and 1.2850 levels.
If the GBPUSD pair trades above the 1.2925 level, key resistance is found at the 1.3000 and 1.3050 levels.
