GBPUSD upside break underway
The British pound has broken above the key 1.3095 resistance level against the US dollar after reports surfaced that the Irish DUP party now support British PM Theresa May’s amended Brexit deal. If the GBPUSD pair holds above the 1.3095 level, buyers could start to test towards the 1.3170 level. The overall short-term upside target for buyers is likely to be the August 2018 trading high, which is located close to the 1.3300 level.
The GBPUSD pair is strongly bullish while trading above the 1.3095 level, key technical resistance is now found at the 1.3170 and 1.3300 levels.
If the GBPUSD pair trades back under the 1.3095 level, a decline towards the 1.3030 and 1.2990 levels may occur.