GBPUSD lacking conviction
The British pound has moved above the pivotal 1.2850 level against the US dollar, following news that the European Union has granted the UK a Brexit extension. The upside move above the 1.2850 is lacking conviction and could soon start to stall. Overall, a confirmed bearish rejection back under the 1.2850 level could prompt a strong decline towards the 1.2720 support level.
If the GBPUSD pair trades above the 1.2850 level, key resistance is found at the 1.2900 and 1.2920 levels.
If the GBPUSD pair trades below the 1.2850 level, key support is found at the 1.2770 and 1.2720 levels.