The British pound has reversed sharply higher against the greenback following continued broad-based weakness in the US dollar index. The four-hour time frame is showing that bullish inverted head and shoulders pattern has emerged, with the pattern holding a one-hundred point upside projection. Overall, the GBPUSD pair has an upside intraday bias while trading clearly above the pivotal 1.2660 level.
The GBPUSD pair is only bearish while trading below the 1.2660 level, key support is located at the 1.2600 and 1.2550 levels.
If the GBPUSD pair holds above the 1.2660 level, key intraday resistance is found at the 1.2718 and 1.2765 levels.