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The British pound sterling is maintaining a steady pace of gains as it approaches the key price target of 1.2643.

Following a brief pullback earlier in the week, the currency pair regained its momentum.

The rise above the previous pivot high of 1.2615 will likely cement the upside bias.

However, given that 1.2643 will be a key price level, expect the currency pair to initially retrace.

To the downside, immediate support is at 1.2593.

A breakdown below this level could accelerate the correction in GBPUSD towards the 1.2424 level.

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