The British pound has opened the week with a bullish bias against the US dollar currency, following the recent strong recovery from the 1.2500 support zone. The GBPUSD pair may test towards the 1.2660 resistance level if buyers are able to keep price above the 1.2560 technical area. Higher time frame analysis shows that the GBPUSD pair is trapped inside a triangle pattern between the 1.2450 and 1.2670 levels.
If the GBPUSD pair trades above the 1.2560 level, key resistance is found at the 1.2620 and 1.2660 levels.
The GBPUSD pair is only bearish while trading below the 1.2560 level, key support is found at the 1.2500 and 1.2450 levels.
