Pound Sterling Rebounds Off A 5-Week Low

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The British pound sterling is trading choppy following the recent economic data out of the UK.

However, the cable managed to break out following a drop to a 5-week low earlier in the day.

As a result, GBPUSD has cleared the 1.2344 level which did not offer much of a resistance.

But a dip back to this level might cement the support area giving an upside bias to the currency pair.

Still, GBPUSD will have to contend with the falling trend line. A breakout above this level will see the potential for a rise towards the 1.2516 level of resistance next.

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