GBPUSD 1.2200 in focus

The British pound has received a boost against the US dollar after the United Kingdom Labour party leader promised to block a hard-Brexit scenario. The GBPUSD pair now has to hold firm above the 1.2200 level in order to build momentum for a major attempt towards the 1.2250 level. Technical failure around the 1.2200 level may prompt a test of the important 1.2080 level.

• The GBPUSD pair is only bearish while trading below 1.2250, key support is found at the 1.2080 and 1.2000 levels.

• If the GBPUSD pair trades above the 1.2250 level, buyers may test towards the 1.2310 and 1.2350 levels.