GBPUSD rises to a five-week high

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The British pound continues to maintain its bullish stance. Price action rose to a five-week high, on the back of a weaker dollar.

The next main resistance is at 1.2589 which could put the temporary gains on hold for the moment. This will mark the highs from April 30th.

To the downside, support is seen at 1.2424 which is the likely price point for a correction.

However, a reversal at this level will validate the upside bias and puts GBPUSD on track for further gains.

In the unlikely event that the price level of 1.2424 breaks, then GBPUSD will be pulling back lower to 1.2343 level.

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