GBPUSD BULLISH PATTERN STILL VALID
The British pound is trading back under the 1.3200 level against the US dollar after buyers lost upside momentum around the 1.3236 level on Tuesday. Overall, a bullish cup and handle pattern could be forming on the GBPUSD pair, with a sizeable upside projection. Traders now await the release of the key CPI and PPI inflation data from the United Kingdom economy this morning.
The GBPUSD pair is only intraday bearish while trading below the 1.3200 level, key resistance is found at the 1.3260 and 1.3297 levels.
If the GBPUSD pair moves below the 1.3155 level, key technical support is found at the 1.3100 and 1.3070 levels.