The British pound has staged a strong rebound from the 1.2830 level against the US dollar after selles failed to break under the current weekly trading low. Going forward, a series of bullish price close is needed above the 1.2900 level is needed to encourage medium-term buying. A new high above the important 1.2960 level would also be extremely bullish for the GBPUSD pair.
• The GBPUSD pair is bullish while trading above the 1.2900 level, key resistance is found at the 1.2960 and 1.3100 levels. • If the GBPUSD pair trades below the 1.2900 level, key support is found at the 1.2880 and 1.2830 levels.