The British pound has performed a sharp reversal from the 1.2770 level against the US dollar after the chances British PM Boris Johnson securing a majority Parliament victory increased. Continued strength above the 1.2880 level is now needed to secure an important technical test of the 1.2940 resistance level. Overall, the GBPUSD pair could have formed an important technical bottom during its recent decline to 1.2770.
If the GBPUSD pair trades above the 1.2880 level, key resistance is found at the 1.2940 and 1.3000 levels.
If the GBPUSD pair trades below the 1.2880 level, key support is found at the 1.2850 and 1.2810 levels.
