The British pound is attempting to recover from critical support against the US dollar
, following an extended pullback towards the 1.2840 level. The GBPUSD
pair has to rally from current trading levels to avoid a major technical test of the 1.2770 support. Overall, a daily price close above the 1.2940 level would confirm that the GBPUSD
pair still intends to test towards the 1.3100 level.
• If the GBPUSD
pair trades below the 1.2940 level, key support is found at the 1.2840 and 1.2770 levels.
• The GBPUSD
pair is bullish
while trading above the 1.2940 level, key resistance is found at the 1.3000 and 1.3100 levels.