GBPUSD rebounds after establishing new support

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The British pound sterling is posting steady gains. The gains come just after GBPUSD slipped back to the 1.2643 level.

With support forming here, price action is attempting to test the previous highs from earlier on Tuesday.

A close above 1.2719 could potentially signal further gains toward the 1.3000 key psychological level.

However, keep an eye on the Stochastics oscillator which could potentially signal exhaustion in the near term.

This will put further gains at risk and also the support level of 1.2643.

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