The British pound is still holding above the 1.2100 level against the US dollar, although the pace of recent gains has now started to slow down. Bulls need to move price above the current weekly trading high to encourage buying towards the 1.2200 level. Overall, a potential inverted head and shoulders pattern may be forming while the price holds above the 1.2080 support region.
The GBPUSD pair is only bearish while trading below the 1.2080 level, key support is found at the 1.2050 and 1.2020 levels.
If the GBPUSD pair holds above the 1.2080 level, buyers may test towards the 1.2200 and 1.2250 levels.