GBPUSD Rises To A New One-Year High

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The British pound sterling got a boost from a weaker US dollar as price briefly traded at a new one-year high of 1.3401.

Price action is pulling back lower following this new milestone.

The upside bias remains in place as long as the support level near 1.3300 holds up. But a close below this level could accelerate declines lower.

The next lower support will be near the 1.3122 level.

We could see another leg to the upside if the support level near 1.3300 holds and prices can rebound.

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