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The British pound sterling managed to renew its bullish moment with prices closing above the 1.3300 handle for the first time in a year.

This pushes the currency pair to a one year high. However, in the near term, GBPUSD will need to continue moving higher.

This could mean that the 1.3300 level could be tested for support. If the support holds, then we expect a continuation to the upside.

Alternately, there is a possibility for EURUSD to consolidate near this level.

It also opens the risk of a move back below the 1.3300 level in the near term.

This could see price action drifting between 1.3300 and 1.3128.

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