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The British pound sterling managed to hold the bullish momentum as prices tested the 1.3000 level once again.

However, price action quickly retreated lower, right after testing this level.

On the four-hour chart, we see an inside bar pattern forming. Therefore, a breakout to the upside above the 1.3000 level could trigger further gains.

This will push the GBPUSD towards the 1.31228 level of resistance next. To the downside, the cable is at risk of a correction back to the 1.2750 level which has held up as support previously.

Price action in the GBPUSD is likely to be slightly volatile in the backdrop of the continued Brexit trade talk negotiations.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now. 

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