The currency pair went upwards last week and reached 1.2980 resistance level. GBP/USD tests this level in the moment of writing.

The currency pair was supported by weak US data, which was covered in our EUR/USD review as well as by Brexit news. UK retail sales data was better than forecasted.

We expect GBP/USD to test 1,2980 this week. Further uptrend is the main scenario currently. However, in case of reversal signals, a correction is possible.