The British pound appears to be stabilizing against the US dollar currency, as trader continue to buy into pullbacks towards the 1.2800 level. Technical analysis shows that if bulls can continue to defend the 1.2800 support zone, then the GBPUSD pair could rally towards the 1.2950 level. Higher time frame analysis shows that the 1.2980 and 1.3100 levels are the main weekly bullish targets.

The GBPUSD pair is only bearish while trading below the 1.2880 level, key support is found at the 1.2840 and 1.2800 levels.

If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2950 and 1.2980 levels

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