The British pound remains well supported above the psychological 1.3000 level ahead of today’s key Bank of England interest rate decision. The bullish inverted head and shoulders pattern remains valid and is showing an upside projection close to two-hundred and fifty pips. The 1.2900 level is the key support level sellers need to break, while the 1.3100 level is the key resistance area buyers need to break.
The GBPUSD pair is bullish while trading above the 1.3040 level, key resistance is found at the 1.3100 and 1.3130 levels.
If the GBPUSD pair moves below the 1.2900 level, sellers may target the 1.2853 and 1.2802 levels