The British pound is moving towards the 1.2800 level against the US dollar after bears failed to hold price below the pairs key 200-day moving average. A breakout above the 1.2800 resistance level could see the GBPUSD advancing towards the 1.2840 area. To the downside, the GBPUSD pair is likely to come under selling pressure if price starts to hold below the 1.2770 level.
The GBPUSD pair is only bearish while trading below the 1.2770 level, key support is found at the 1.2730 and 1.2680 levels.
If the GBPUSD pair trades above the 1.2770 level, key resistance is found at the 1.2800 and 1.2840 levels
