GBPUSD 1.3050 possible

The British pound is holding on to rising gains against the US dollar, following a technical breakout above the 1.2925 level earlier this week. With the bullish bias in the GBPUSD pair still intact, a further advance towards the 1.3050 resistance level remains possible. It is worth noting that the 1.3000 level is currently the main technical obstacle blocking a larger upside breakout.

• If the GBPUSD pair trades below the 1.2925 level, key support is found at the 1.2900 and 1.2850 levels.

• If the GBPUSD pair trades above the 1.2925 level, key resistance is found at the 1.3000 and 1.3050 levels.