GBPUSD now trading above key moving average
The British pound is gaining bullish momentum against the US dollar on Wednesday, following a sustained break above the 1.2700 resistance level. The GBPUSD pair is also trading above its key one-hundred period moving average on the four-hour time frame, which has provided strong technical resistance since November. The former weekly trading high, at 1.2738, remains the next upside hurdle for intraday buyers.
The GBPUSD pair is strongly bullish while trading above the 1.2700 level, buyers may now test towards the 1.2738 and 1.2770 levels.
If the GBPUSD pair trades below the 1.2700 level, sellers may test the 1.2680 and 1.2666 support levels.