The British pound has so far found strong technical resistance from the 1.2762 level against the US dollar, with price falling below neckline support. If the GBPUSD pair holds below the 1.2747 level we may see the start of a complex inverted head and shoulders pattern forming across the four-hour time frame. Overall, traders may also be feeling cautious ahead of the key data being released from the United Kingdom economy later today and tomorrow.
The GBPUSD pair is strongly bullish while trading above the 1.2747 level, key resistance is located at the 1.2762 and 1.2817 levels.
The GBPUSD pair is only bearish while trading below the 1.2710 level, key intraday support is found at the 1.2680 and 1.2660 levels.
