GBPUSD 1.2700 pivotal level to watch
The British pound is trading well above the 1.2700 level against the US dollar in early Monday trade, as speculation mounts that British PM Theresa May could delay the planned Brexit vote in parliament this week. The 1.2700 level remains the pivotal area to watch for gauging the intraday sentiment surrounding the GBPUSD pair. Continued bullish advancement above the 1.2740 level will likely lead to an eventual test of the former weekly trading high, at 1.2810.
The GBPUSD pair is intraday bullish while trading above the 1.2700 level, key technical resistance is now found at the 1.2740 and 1.2810 levels.
If the GBPUSD pair trades under the 1.2700 level, sellers are likely to test the 1.2660 and 1.2618 levels.