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The British pound has started to trade above the 1.2800 level against the US dollar after UK Retail Sales data came in much better than markets had been expecting. GBPUSD buyers need to move price above the 1.2830 level to negate the bearish intraday outlook surrounding the pair. If sellers move price below the 1.2790 level, a further decline towards the 1.2740 level remains possible.

The GBPUSD pair is only bearish while trading below the 1.2830 level, key technical support is found at the 1.2790 and 1.2740 levels

If the GBPUSD pair moves above the 1.2830 level, buyers may test towards the 1.2880 and 1.2960 levels.

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