The British pound has continued to advance against the US dollar during the European trading session, as sterling stages a relief rally after British Prime Minister Theresa May survived Wednesday’s leadership challenge. The GBPUSD pair is currently probing the neckline of the bearish head and shoulders pattern, at 1.2657. If bulls can hold price above this key area, further advancement towards the 1.2730 level appears possible.
The GBPUSD pair is only bearish while trading below the 1.2657 level, key technical support is found at the 1.2600 and 1.2500 levels.
If the GBPUSD pair trades above the 1.2657 level, key resistance is found at the 1.2730 and 1.2800 levels.
