Can GBPUSD rally back to the 1.286 resistance?

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The British pound is in a strong rally as price action continues to close with daily gains over the last four days.

GBP is up nearly 7.80% from the 23rd March close of 1.1540. As price action increasingly looks bullish, it is possible that GBPUSD will be back near the 1.2858 handle.

Given that this level previously acted as support, the reversal off the 1.1540 lows will see this being retested for resistance.

It would also mark a complete recovery since GBPUSD broke below the support level of 1.2858 on 11th March 2020. Watch for support to emerge near 1.2277.

 

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