The British pound is moving away from the 1.2876 level against the US dollar after the pair traded to a new monthly high on Wednesday. The recent breakout above the 1.2720 level is a bullish development for the GBPUSD pair and has increased dip-buying interest. Overall, medium-term analysis is still showing that the GBPUSD is unlikely to break the 1.2900 resistance level this week.
• The GBPUSD pair is only bearish while trading below the 1.2720 level, key support is found at the 1.2660 and 1.2515 levels.
• If the GBPUSD pair trades above the 1.2720 level, key resistance is found at the 1.2878 and 1.2900 levels.
• The GBPUSD pair is only bearish while trading below the 1.2720 level, key support is found at the 1.2660 and 1.2515 levels.
• If the GBPUSD pair trades above the 1.2720 level, key resistance is found at the 1.2878 and 1.2900 levels.
