GBPUSD STILL BULLISH DESPITE SOFT UK DATA
The British pound still remains at elevated levels against the US dollar, despite another raft of soft economic data from the United Kingdom economy today. If GBPUSD buyers can move price towards the 1.3220 resistance level, a bullish inverted head and shoulders pattern will then be formed. Intraday sellers will need to force price back under the 1.3122 level to negate the current bullish pressures.
The GBPUSD pair is strongly bullish while trading above the 1.3122 level, key resistance is now found at the 1.3184 and 1.3220 levels.
If the GBPUSD pair moves below the 1.3155 level, key support is found at the 1.3122 and 1.3100 levels.