The British pound has moved to a new multi-month high against the US dollar currency, with the pair rallying towards the 1.2900 level. GBPUSD bears could take the pair back towards the 1.2800 support level before the next major push higher begins. Overall, a bullish reversal pattern on the higher time frames is projecting further a powerful rally towards the 1.3200 level.
If the GBPUSD pair trades above the 1.2800 level, key resistance is found at the 1.2920 and 1.3000 levels.
The GBPUSD pair is only bearish while trading below the 1.2800 level, key support is found at the 1.2780 and 1.2680 levels.
