The British pound has bounced back above the 1.3800 level against the US dollar currency after the pair rallied following last Friday’s US monthly jobs report. A meaningful price bottom may now have formed after sellers were unable to breach the 1.3700 area. The four-hour time frame shows that an extremely large inverted head and shoulders pattern will form if the GBPUSD pair reaches the 1.4000 level.
The GBPUSD pair is only bullish while trading above the 1.3900 level, key resistance is found at the 1.4000 and the 1.4130 levels.
If the GBPUSD pair trades below the 1.3900, sellers may test the 1.3800 and 1.3730 support levels.
