GBPUSD preparing to rally
The British pound is appearing increasingly bullish against the US dollar as traders anchor price above the 1.2400 resistance level. A technical breakout above the 1.2500 resistance level could provoke a powerful rally towards the 1.2600 technical area. At this stage, sellers need to hold price below the 1.2350 level to take back control of the GBPUSD pair over the short-term.
The GBPUSD pair is only bearish while trading below the 1.2350 level, key support is found at the 1.2300 and 1.2250 levels.
The GBPUSD pair is only bullish while trading above the 1.2350 level, key resistance is found at the 1.2500 and 1.2600 levels.