GBPUSD ATTEMPTING TO RECOVER
The British pound is attempting to move back above the 1.2600 level against the US dollar after finding strong dip-buying demand from the 1.2528 support level. The recent recovery has created a bullish higher low, as sellers failed to breach the current yearly trading low. If price moves strongly above the 1.2600 level, the formation of a bullish inverted head and shoulders pattern may start to take shape.
If the GBPUSD pair continues to trade below the 1.2600 level, sellers will likely press towards the 1.2550 and 1.2528 support levels.
If the GBPUSD pair trades above the 1.2600 level, key resistance is found at the 1.2657 and 1.2700 levels.