The British pound has surged to its highest trading level since late-July against the US dollar as dip-buyers retain control of the pair. The GBPUSD pair has hit its near-term bullish target, at 1.2310, although the larger upside objective is closer to the 1.2500 level. Bulls will need to hold price above the 1.2310 level to encourage additional buying towards the 1.2380 resistance area.
The GBPUSD pair is only bearish while trading below the 1.2195 level, key support is found at the 1.2155 and 1.2100 levels.
If the GBPUSD pair trades above the 1.2310 level, buyers may test towards the 1.2380 and 1.2480 levels.
