The pound sterling is posting strong gains for the second consecutive day, with prices rising to a one week high.
The gains come following a successful breakout of the falling trend line. This opens up the upside toward the 1.2516 level where resistance could keep a lid on the gains.
We also suspect a pullback to the breakout level of the trend line. This will potentially cement the upside in GBPUSD for now.
However, further gains might be in store if the cable manages to clear the 1.2516 level of resistance.