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GBP/USD meets first resistance level at 1.2820

Yesterday an update here noted the next potential resistance point for the GBP/USD at 1.2820. Well, that price point has been reached a moment ago. The pound did not set a daily close above 1.28 last night though, narrowly missing out, when ending the US session at 1.2798. The further gains today are all about a dollar that has remained under significant pressure and the losses are being led by the USD/JPY, as covered in an earlier update this morning. So, if 1.2820 does not cap the rise in the pound today, then the next level of any note remains as it was yesterday, at 1.2881. That is a Fibonacci correction target, which represents a 76.4% retrace of the 1.3142-1.2037 move that played out earlier this year. The GBP/USD is currently trading at 1.2819 
 

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