The British pound continues to stage a strong recovery against the US dollar after dip-buyers stepped in from the 1.2880 technical area as predicted earlier this week. A further rally towards the 1.3000 resistance level now appears the most likely scenario for the GBPUSD pair. Overall, the 1.3100 resistance level remains the medium-term upside objective of GBPUSD bulls.
If the GBPUSD pair trades below the 1.2940 level, key support is found at the 1.2880 and 1.2840 levels.
The GBPUSD pair is bullish while trading above the 1.2940 level, key resistance is found at the 1.3000 and 1.3100 levels.