The British pound has moved lower against the US dollar during the European trading session, despite the release of impressive UK economic data. GBPUSD traders have recently been buying any dips in price, making the 1.2300 level an attractive point to enter into the long trade. Overall, a bullish inverted head and shoulders pattern on the lower time frames is projecting the 1.2480 level as the target.
The GBPUSD pair is only bearish while trading below the 1.2300 level, key support is found at the 1.2260 and 1.2200 levels.
If the GBPUSD pair trades above the 1.2300 level, key resistance is found at the 1.2380 and 1.2480 levels.
