The British pound has rallied to a new multi-month trading high against the US dollar after buyers broke through the pair’s key 200-day moving average. Due to a large bullish pattern, further gains above the 1.2640 level could cause the GBPUSD pair to rally towards the 1.3000 level. Technical analysis shows that the GBPUSD pair currently has strong technical support from the 1.2550 area.
The GBPUSD pair is only bullish while trading above the 1.2450 level, key resistance is found at the 1.2700 and 1.2850 levels.
The GBPUSD pair is only bearish while trading below the 1.2450 level, key support is found at the 1.2400 and 1.2350 levels.