The British pound is appearing increasingly bullish against the US dollar currency, as the pair test towards the top of its established short-term range. Technical analysis shows that a breakout above the 1.3000 level could cause the GBPUSD pair to rally towards the 1.3200 area. To the downside, failure to overcome the 1.3000 level could cause the GBPUSD pair to test towards the lower end its trading range, around the 1.2800 level.
If the GBPUSD pair trades above the 1.2900 level, key resistance is found at the 1.3000 and 1.3200 levels.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2800 and 1.2640 levels.
