The British pound is attempting to stabilize above the 1.2350 level against the US dollar after finding interim support around the 1.2270 area yesterday. Traders should be aware that GBPUSD pair is trading inside a large bullish falling wedge pattern on the lower time frames. GBPUSD bulls may start to test towards the top of falling wedge pattern today, around the 1.2420 level.
The GBPUSD pair is only bearish while trading below the 1.2330 level, key support is found at the 1.2270 and 1.2200 levels.
If the GBPUSD pair moves above the 1.2330 level, key resistance is found at the 1.2420 and 1.2455 levels.
