The GBP/USD Jumped to Six-Week Top

The British pound has rallied a bit during the trading session on Monday, reaching higher yet again. At this point, the market is likely to test the 1.30 level above (our TP), which of course has been major resistance. But intraday bias in GBP/USD remains neutral as consolidation from 1.3012 might still extend.

The British pound is firming above the 1.2940 level against the US dollar as the greenback comes under a fresh round of selling pressure. A major bullish trend line is forming with support near 1.2870 on the 4-hours chart. If the price retreat from 1.3000 major resistance, we could see the bears to target that support line.

A sustained break above the 1.2960 resistance level exposes a potential technical test of the psychological 1.3000 level. Once above the 1.3000 level, the GBPUSD pair could quickly trade higher, with the 1.3180 - 1.3200 resistance level the medium-term objective.

In case of another fall, downside should be contained by 1.2769 support.