The British pound has staged an impressive recovery against the US dollar currency, with the pair reaching the 1.2900 resistance level. Technical analysis shows that a bearish head and shoulders pattern will be invalidated if bulls move price above the 1.3000 level. A breakout above the 1.3000 level exposes the GBPUSD pair to the further upside towards the 1.3140 area.
The GBPUSD pair is only bearish while trading below the 1.2900 level, key support is found at the 1.2800 and 1.2770 levels.
If the GBPUSD pair trades above the 1.2900 level, key resistance is found at the 1.3000 and 1.3140 levels
