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The British pound promptly retreated after rising to the 1.2277 level. This potentially indicates resistance at this level.
However, the trend line is coming in as dynamic support, and price action is consolidating around this trend line.
It still keeps the bias to the upside and the price level at 1.2277 will be tested once again.
But, only a strong breakout above the resistance level can confirm further upside.
However, for the moment, it seems that the currency pair has hit a bottom at 1.2100.
Only a breakdown back below the trend line could see declines to this level.
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