The British pound appears increasingly bullish against the US dollar currency, following yesterday’s upside break above the 1.2300 level. The GBPUSD pair has the potential to rally towards the 1.2420 level all the time price trades above the 1.2270 support level. Lower time frame analysis also shows that a bullish inverted head and shoulders pattern has now been activated.
The GBPUSD pair is only bearish while trading below the 1.2240 level, key support is found at the 1.2160 and 1.2075 levels.
The GBPUSD pair is only bullish while trading above the 1.2240 level, key resistance is found at the 1.2350 and 1.2420 levels.
