British pound Sterling closed on Thursday posting strong gains, but not before giving back some of the intraday gains.
Price action is now firmly settled above the key support reaching near 1.3506.
This puts the GBPUSD close to the December 17th highs.
For the moment, the support level is likely to hold, which could see further upside.
GBPUSD will need to further advance gains and close above the December 17th highs off 1.3625 in order to confirm the upside.
Alternatively, if cable loses the support near 1.3506, then we could expect to see price action once again settling back into the previous range with the lower threshold coming in near 1.3200.