The British pound looks have reached a new weekly trading high against the US dollar, with the pair rallying towards the 1.2650 resistance level. GBPUSD bulls need to force a breakout above the 1.2650 level to encourage technical buying towards the 1.2710 resistance level. Failure to surpass the 1.2650 level may see the GBPUSD pair testing back towards the 1.2610 technical support area.
The GBPUSD pair is only bearish while trading below the 1.2550 level, key support is found at the 1.2500 and 1.2426 levels.
If the GBPUSD pair trades above the 1.2550 level, key resistance is found at the 1.2710 and 1.2730 levels.