The British pound has staged a powerful upside breakout against the US dollar currency after dip-buyers defended the pairs 50-day moving average. The GBPUSD pair now has the potential to rally towards the 1.2500 and possibly the 1.2600 resistance level. Only a weekly price close below the 1.2240 level would cause GBPUSD traders to turn bearish over the medium-term.
The GBPUSD pair is only bearish while trading below the 1.2240 level, key support is found at the 1.2160 and 1.2075 levels.
The GBPUSD pair is only bullish while trading above the 1.2240 level, key resistance is found at the 1.2420 and 1.2500 levels.
