The British pound continues to rise against the greenback as confidence grows that a medium-term price floor may have been established in the pair this week. The GBPUSD pair has a strong chance of rallying towards the 1.2600 level while price trades above the 1.2320 level. Sustained weakness below the 1.2320 support level could see the GBPUSD pair revisit the 1.2250 level.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2200 and 1.2150 levels.
The GBPUSD pair is only bullish while trading above the 1.2300 level, key resistance is found at the 1.2430 and 1.2610 levels.
