The British pound has moved sharply higher against the US dollar after EU chief negotiator Michel Barnier said that the EU was prepared to offer the United Kingdom a ‘deal like no other’. Short and medium-term buyers are likely to remain in control while price trades above the 1.2930 support level, the GBPUSD pair is also supported by bullish momentum on the four-hour time frame.
The GBPUSD pair is strongly bullish while trading above the 1.2930 level, key resistance is found at the 1.3030 and 1.3080 levels.
If the GBPUSD pair moves below the 1.2930 level, key support is found at the 1.2900 and 1.2848 levels.