GBPUSD weak bounce

The British pound has staged a fairly weak upside rally against the US dollar, with the pair attempting to gather strength above the 1.3000 level. GBPUSD bulls need to move price above the 1.3075 resistance level to encourage the notion that a technical floor may be in place. Sustained weakness under the 1.3000 support level should be considered extremely bearish for the GBPUSD pair.

• The GBPUSD pair is only bullish while trading above the 1.3075 level, further upside towards the 1.3100 and 1.3150 levels then seems possible. 

• If the GBPUSD pair trades below the 1.3000 level, key support is found at the 1.2975 and 1.2910 levels.