Sterling retraces gains, but upside bias builds up

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The Pound sterling briefly rose to highs of 1.2364 before retreating lower.

Price action is currently back near the price level of 1.2275. Given that this proved to be a resistance level, the retest will likely establish it as support.

A successful rebound off 1.2275 will confirm further upside in GBPUSD.

The next main target is at 1.2425 where resistance will most likely keep a lid on further gains.

For the moment, the reversal near 1.2275 is important. A close below this level will invalidate the bullish bias.

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