$GBPUSD: The currency pair has started the week on a positive note after reaching lows nearing October 'Flash-Crash' (around 1.97 last week) on US Dollar strength. British Pound currently stands at 1.24378 in Monday Asia trading; European market and later the US market open will decide the tone for the currency for the week.
At present, a clear formation of XABCD / Cypher pattern appears to be in the making. This indicates a move upwards with a potential to reach as high as 1.3 level in next few weeks time. While this remains the mid-term target for $GBPUSD, some intra-day levels to watch include:
Key resistance: 1.25625, then 1.26716 following on to 1.27716
Key support: 1.22438, then 1.21129 following on to 1.19732