The British pound continues to benefit from broad-based weakness in the greenback on Monday, with the GBPUSD pair once again reclaiming the 1.3100 level. The GBPUSD has scope to recover higher while trading above the 1.3100 level, assuming the US dollar index continues to trade lower. Buyers will look to target the 1.3194 level, while sellers will attempt to hold price below the 1.3100 level.
The GBPUSD pair is intraday bullish while trading above the 1.3100 level, key technical resistance is now found at the 1.3155 and 1.3194 levels.
If the GBPUSD pair falls below the 1.3100 level, sellers will likely target the key 1.3080 and 1.3055 resistance levels.