The British pound is still trapped inside a large price range against the US dollar, following last weeks false breakout under the 1.4100 level. Lower time frame analysis shows that the 1.4160 level is acting as a major pivot point for the GBPUSD pair in the near-term. Gains above the 1.4160 price area intraday could cause the GBPUSD pair to rally towards the 1.4200 resistance zone.
The GBPUSD pair is only bullish while trading above the 1.4160 level, key resistance is found at the 1.4180 and the 1.4200 levels.
If the GBPUSD pair trades below the 1.4160, sellers may test the 1.4130 and 1.4100 support levels.
