The British pound has started to advance above the 1.3100 level against the US dollar as optimism towards Conservative party election victory grows. GBPUSD traders are likely to target towards the 1.3200 level if the 1.3155 resistance level is breached. Medium-term analysis suggests the recent rally should not extend beyond the 1.3300 level ahead of the UK election next week.
The GBPUSD pair is bullish while trading above the 1.3000 level, further upside towards the 1.3155 and 1.3200 levels appears possible.
the GBPUSD pair trades below the 1.3000 level, key support is found at the 1.2960 and 1.2940 levels.