GBPUSD bulls back in charge
The British pound is trading back above the key 1.2930 level against the US dollar on Wednesday, with bulls once again taking control of the pair. Price is creating bullish higher lows, while the MACD indicator on the four-hour time frame is now consistent with price. An eventual test of the rising wedge pattern upper trendline may occur if GBPUSD bulls can break the 1.3000 level.
The GBPUSD pair is intraday bullish while trading above the 1.2890 level, key technical resistance is found at the 1.3000 and 1.3030 levels.
If the GBPUSD pair falls under the 1.2890 level, key support is found at the 1.2850 and 1.2810 levels.