The British pound appears increasingly bullish against the US dollar, as the continues to close above its key 200-day moving average, around the 1.2685 level. A major bullish technical breakout from a triangle pattern has also taken place on the higher time frames. Overall, the GBPUSD pair has the potential to test towards the 1.2840 level while the triangle pattern remains valid.
If the GBPUSD pair trades above the 1.2640 level, key resistance is found at the 1.2780 and 1.2840 levels.
The GBPUSD pair is only bearish while trading below the 1.2640 level, key support is found at the 1.2590 and 1.2500 levels.
