The British pound currency has staged a powerful upside breakout against the US dollar, with the pair rallying to a fresh monthly trading high. Technical analysis shows that the GBPUSD pair has the potential to rally towards the 1.2700 level over the medium-term. More strong upside gains are expected in the GBPUSD pair while price trades above the technically important 1.2550 level.

The GBPUSD pair is only bearish while trading below the 1.2460 level, key support is found at the 1.2420 and 1.2370 levels.

If the GBPUSD pair trades above the 1.2460 level, key resistance is found at the 1.2610 and 1.2700 levels.

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