The British pound has moved to a new monthly high against the US dollar currency, following positive news surrounding ongoing Brexit talks. Higher time frame analysis shows that the GBPUSD pair could be preparing to test towards the 1.3380 resistance level. To the downside, continued weakness below the 1.3310 level could prompt a technical sell-off towards the 1.3200 area.
If the GBPUSD pair trades above the 1.3310 level, key resistance is found at the 1.3380 and 1.3410 levels.
The GBPUSD pair is only bearish while trading below the 1.3310 level, key support is found at the 1.3240 and 1.3210 levels.
