GBPUSD Clears Key Resistance Area Ahead Of Further Gains

GBPUSD, upon clearing the resistance level near 1.3122 is seen somewhat weaker.

However, amid the current pullback, if price action forms support at 1.3122, then further gains might come its way.

For the moment, the cable is trading at a 5-month high and is of a few pips from the 1.3200 handle.

This will potentially see the cable erasing all the Covid-19 led losses in the previous months.

However, there is a risk that the sterling might correct lower if it loses the support level.

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