GBPUSD rally fades
The British pound is starting to trade towards the 1.2850 level against the US dollar, after the pair hit its highest trading level since May 2019 on Thursday. A medium-term price high could be in place for sterling if UK lawmakers fail to approve the new Brexit deal over the weekend. Overall, the GBPUSD pair is vulnerable to further selling while trading below the 1.2850 level.
The GBPUSD pair is only bearish while trading below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2920 and 1.3000 levels.