GBPUSD rebounds off support, will price go higher?

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The British pound sterling is posting gains after the support level near 1.2516 is holding up.

The rebound remains in line with the view of a retracement ahead of a correction. The downside bias remains as long as GBPUSD is trading below the upper resistance level of 1.2643.

In the event that price breakouts above this level, we expect the bullish momentum to continue pushing higher.

However, in the near term, we expect prices to remain range-bound within the said levels.

A breakout off these levels will potentially determine the direction of the trend.

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