GBPUSD support holding

The British pound continues to hold major technical support against the US dollar, which is a strong signal that the pair intends to trade higher. A break above the 1.3000 level exposes a potential upside rally in the GBPUSD pair towards the 1.3100 resistance level. A loss of the 1.2940 support level could create a tremendous GBPUSD buying opportunity around the 1.2880 support level.

• The GBPUSD pair is bullish while trading above the 1.2840 level, key resistance is found at the 1.3000 and 1.3100 levels.

• If the GBPUSD pair trades below the 1.2940 level, key support is found at the 1.2880 and 1.2840 levels.