GBPUSD Rises as British Lawmakers Back Trade Deal

The British pound sterling is posting gains as UK lawmakers back the newly negotiated trade deal with the EU. Price action managed to recover from the previous slump, after slipping to lows of 1.3429.

Following this decline, the cable managed to reverse losses and rose above the 1.3500 level once again.

With price action now testing the 24 December levels, we could expect to see further gains.

However, if prices fail to breakout any higher, this could potentially form a double top pattern.

This in turn could turn out to be bearish for the GBPUSD in the short term.

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