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The next big level for the GBP/USD
As the Pound continues to hold up well in trading this morning, the GBP/USD has not long ago reached a session high at 1.2789 and that is also the highest point since June 13. Granted, a good deal of the gains in the GBP/USD have nothing to do with the outcome of the UK election and are surely more about relative dollar weakness right now. That said the price action in the GBP/USD is still positive and as it edges up towards 1.2800 there is an important level worth mentioning here. That is the 200 week moving average, which is in place right now at 1.2848 and it has capped the topside (more or less) since August last year. In the short term today, much will surely depend on what the US jobs report has to offer later today, as to whether that 1.2848 comes closer into view or not. The GBP/USD is currently trading at 1.2788
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