GBPUSD rebounds as support level holds, for now

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The British pound sterling is up around 0.83% intraday.

This comes after prices briefly slipped below the support level near 1.2368.

A quick turnaround from this support level is pushing prices higher. At the current pace, the GBPUSD will likely rise to test the technical level of 1.2516.

A breakout above this level will likely see further gains coming in the currency pair. Following this, we then see the next resistance level near 1.2646 being tested.

In the near term, the currency pair might settle into a sideways range. We expect price action to consolidate within 1.2516 and 1.2368 level in case of a failure to breakout above the technical resistance.

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