The British pound is trapped within the 1.2900 to 1.3000 trading range against the US dollar currency, as the pair searches for a directional breakout. Technical analysis shows that if bulls can force a breakout above the 1.3000 level, then the GBPUSD pair could rally towards the 1.3130 level. To the downside, a break under the 1.2900 level could see the GBPUSD testing the 1.2770 area again.
The GBPUSD pair is only bearish while trading below the 1.2950 level, key support is found at the 1.2900 and 1.2770 levels.
If the GBPUSD pair trades above the 1.2950 level, key resistance is found at the 1.3000 and 1.3130 levels
