The British pound is attempting to gain upside momentum against the US dollar currency, following the release of positive UK Retail Sales data this morning. Technical analysis shows that a bullish inverted head and shoulders pattern will be activated if the GBPUSD pair rallies above the 1.3000 level. According to the size of the bullish reversal pattern, the GBPUSD pair may target the 1.3130 level.
The GBPUSD pair is only bearish while trading below the 1.2950 level, key support is found at the 1.2900 and 1.2770 levels.
If the GBPUSD pair trades above the 1.2950 level, key resistance is found at the 1.3000 and 1.3130 levels
