GBPUSD Rises to a One-Week High

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The British pound sterling is marking a correction to the upside.

This follows prices consolidating near the 1.2750 handle over the past few sessions. The current gains, however, looks to be limited.

To the upside, the 1.3000 handle will surely keep a lid on the gains.

While to the downside, the retest of the 1.2750 level could hold prices from falling further. This could mean that the GBPUSD might trade sideways within the said levels.

The breakout from this level could however be strong. We expect this to come following an announcement in regards to the Brexit talks.

As a result, the bias remains mixed for the moment.

Above 1.3000 level, the next key resistance is near 1.3122, and to the downside, below 1.2750, the next support level is near 1.2516.

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