GBPUSD Rallies On Further Bull Pressure

Technical analysis of Forex market

GBPUSD looks to correct further higher as it closed higher on Thursday. Support stands at 1.2550 area with a break below that level turning focus to the 1.2500 level. Further down, support lies at the 1.2450 level where a violation will turn focus to the 1.2400 level. Below here will open the door towards the 1.2350 level. On the upside, resistance is located at the 1.2650 with a break above there allowing for morel strength to build up towards the 1.2700 level. Further out, resistance stands at the 1.2750 level followed by the 1.2800 level. On the whole, GBPUSD faces further upside threats in the days ahead.