The British pound is testing key support around the 1.2840 support level against the US dollar, following bearish news surrounding the upcoming UK election. Sellers need to break the 1.2820 level or the GBPUSD pair will most likely start to rally back towards the 1.2900 level. Overall, daily price closes above the 1.2940 level should be considered a strong sign that bulls intend to test the 1.3100 level.
The GBPUSD pair is bullish while trading above the 1.2940 level, key resistance is found at the 1.3000 and 1.3100 levels.
If the GBPUSD pair trades below the 1.2940 level, key support is found at the 1.2880 and 1.2820 levels.
