The pound sterling is making a push back to the upside. The resistance level near 1.2643 will be challenged once again. We expect to see a breakout occurring above this level.
Following a close above the trend line, we could expect further gains.
The next main target will be the 1.2813 highs from 10th June. This would mean that GBPUSD will have to establish support back near the 1.2643 level in order to confirm the upside.
In the unlikely event that the resistance level one again holds, then GBPUSD might be confined within the ranges of 1.2643 and 1.2516 in the near term.
