The British pound has started to recover higher against the US dollar, after a bullish technical break above the 1.2835 resistance level. The GBPUSD pair faces volatile trading conditions ahead, as British Prime Minister Theresa May faces a potential leadership challenge this week. The MACD indicator on the four-hour time frame suggests that the GBPUSD pair can continue to correct higher.
The GBPUSD pair is only bearish while trading below the 1.2835 level, key technical support is now found at the 1.2800 and 1.2750 levels.
If the GBPUSD pair holds above the 1.2835 level, key resistance is found at the 1.2882 and 1.2930 levels.
