GBPUSD (1.2883): The British pound posted modest gains on Friday coming off Thursday’s doji close just below the support level at 1.2847. In the near term, a continuation to the upside could potentially keep the head and shoulders pattern that is evolving back into focus. The neckline support is seen at 1.2847 – 1.2800. In the short term charts, GBPUSD reversed near the resistance level at 1.2908. Only a convincing breakout above this level will put the British pound on track to test the 1.3033 resistance level. To the downside, GBPUSD will need to break past the doji’s low of 1.2774 in order to decline lower to 1.2628.
