GBPUSD INTRADAY BULLISH ABOVE 1.2835 LEVEL

The British pound has started to recover higher against the US dollar, after a bullish technical break above the 1.2835 resistance level. The GBPUSD pair faces volatile trading conditions ahead, as British Prime Minister Theresa May faces a potential leadership challenge this week. The MACD indicator on the four-hour time frame suggests that the GBPUSD pair can continue to correct higher.

• The GBPUSD pair is only bearish while trading below the 1.2835 level, key technical support is now found at the 1.2800 and 1.2750 levels.

• If the GBPUSD pair holds above the 1.2835 level, key resistance is found at the 1.2882 and 1.2930 levels.