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The British pound sterling is on a steady course and is likely to close with a three-day gain.

Price action is, however, still below the key technical resistance level of 1.3122.

A breakout above this level is required to confirm further upside. However, given the multiple tests of this resistance, we might expect to see price attempting a breakout once again.

A close above 1.3122 will confirm a move toward the 1.32000 handle next.

Alternately, if GBPUSD fails at the resistance level, then we could see prices drifting lower. The support level to the downside comes in at the 1.3000 level.

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