GBPUSD targeting 1.2200
The British pound has seen a strong bullish reversal against the US dollar, following the release of positive Brexit news on Tuesday. The recovery from the 1.2080 level has shown that short-term bulls are back in control of the GBPUSD pair and may soon target the 1.2200 level. Given the sentiment shift in the GBPUSD pair, buying dips is current the preferred intraday strategy.
The GBPUSD pair is only bearish while trading below the 1.2080 level, key support is found at the 1.2050 and 1.2020 levels.
If the GBPUSD pair moves above the 1.2080 level, buyers may test towards the 1.2200 and 1.2250 levels.