The British pound has staged a strong reversal from the 1.2820 level against the US dollar, placing the emphasis on the 1.2900 resistance level. Going forward, GBPUSD bulls now need to advance price above the 1.2880 resistance level to confirm that price floor is now in place. Overall, a daily price close above the 1.2940 level should signal further gains towards the 1.3100 level.
If the GBPUSD pair trades below the 1.2940 level, key support is found at the 1.2880 and 1.2820 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.
