The British pound remains well-supported against the US dollar in early Monday trade, after a fairly bullish weekly price close on Friday. The recent advance towards the 1.2300 level has created another higher high, further encouraging traders to buy the GBPUSD pair. Overall, the large inverted head and shoulders pattern on the lower time frame is projecting that pair could recover towards the 1.2500 level.
The GBPUSD pair is only bearish while trading below the 1.2200 level, key support is found at the 1.2177 and 1.2150 levels.
If the GBPUSD pair holds above the 1.2200 level, buyers may test towards the 1.2310 and 1.2380 levels.
