GBPUSD hits resistance

The British pound has rallied towards the 1.2600 support zone against the US dollar currency, further increasing the chances of a new monthly trading high. Higher time frame analysis shows that the 1.2730 level remains a likely upside target for GBPUSD bulls. Traders are only likely to turn bearish towards the GBPUSD pair if a sustained decline below the 1.2590 support level occurs.

• If the GBPUSD pair trades above the 1.2590 level, key resistance is found at the 1.2670 and 1.2730 levels. 

• The GBPUSD pair is only bearish while trading below the 1.2590 level, key support is found at the 1.2500 and 1.2450 levels.