The British pound has been on a tear against the US dollar, with the GBPUSD currency pair breaking through a key resistance level at 1.2761. The pair has extended its upside move, which began from the 1.2299 level, all the way to a high of 1.2780.
Bullish Momentum Likely to Continue
Based on the current price action, further gains for the GBPUSD seem likely in the coming days. The next target for the bulls is the 1.2800 area, followed by the 1.2870 region.
Support Levels to Watch
If the pair experiences a pullback, the initial support level to monitor is 1.2740. A breakdown below this level could see the price retrace to the next support at 1.2671.
A move below 1.2671 could potentially trigger further downside momentum, with the rising trendline on the 4-hour chart acting as a crucial support zone.
In summary, the GBPUSD has shown impressive strength, breaking through resistance and extending its upward trajectory. While further gains are expected, traders should keep an eye on the mentioned support levels in case of a potential reversal.