The British pound sterling is trading near a three week high, as the US dollar is trading soft. The UK’s economic plan was unable to move the currency pair.
Given the current momentum, GBPUSD is reaching for the 1.2643 level. It is quite likely that we might see an initial pullback.
This will keep GBPUSD stuck in a range with the 1.2516 acting as lower support.
In the event of a breakout above 1.2643, we expect GBPUSD to continue towards the 10th June highs of 1.2813 as the next upside target.